Nifty ..is it reversing ?

60 min chart 4.01.11

The price move was in a wide range and was supported on the LMLine of Green Pitchfork.The price movement in this lower channelof Green PF did not meet the Green median line and was usefull to study the support levels only.Now closer to the main Median line (orange) the prices have drifted downwards.Connecting the latest high with the previous high at 6070, the trendline is parallel to the Orange median line.Within this swing connecting highs / higher highs and low/ higher low and drawing trendline channel , probable support 1 comes at around 6100.

What if?

If the recent high is at 6179 , where can the prices move to.?Drawing a Blue pitchfork from Anchor at 6070 thro midpoint of recent swing pivots , the price has tested the UMLH of this bluePF ,moved down,retested and closed lower for the day.Target projections towards Blue Median line is very close to the Major Orange PF LMLh at around 5880 - 5850 levels.

Daily Chart 4.01.11
Fib R levels marked in daily chart.These levels correlate with the confluence of median lines/ fib median lines and warning Lines.

The probability for moves downward is more as the price at overbought levels in 60 min chart and correction to previous swing expected.