Nifty supported itself after falling through 6160 at 6060 levels at the green parallel line drawn parallel to the main median line from 5350.6060 was the 50 sma range also.The levels noted on 11.11.10 were held.
As the stoch indicator is falling , my view is the correction will continue till it reaches oversold levels.
Looking at the hourly chart,the price fell through the red pitchfork and was supported on the descending green pitchfork.This junction is the culmination of Warning line drawn from 5350.
Now if this point breaks expecting prices to move south to 5890 levels.This level is calculated with parallel sliding line ( distance 50 % of B- C range from point C).But the path whether it will be a sideways move or faster fall will have to wait and watch....
Current relief rally can be resisted at the red median line at around 6190 levels.At this junction the prices can reverse.So watching out for test and retest and price reversal at these levels.
If price moves upwards the next level would be at 6250 - 6235 which is the junction of upward red fork / blue fork and downward green fork.The schiff lines from AB also pass thro this point for added weightage.