Nifty seems to have broken the trend line from last four months(blue line) but it has not support at the three months trend line(pink line) which happens to be at 6100. if nifty moves past the 6100 then we can expect a bigger correction and in this case the minimum correction should be around 5777 and it can extend up to 5624. but if it moves below  5950 then the larger picture would unfold which is indicated in the chart below which i have shown in last weeks update.

if nifty break below the 5950 then it would break the 5 year trend line indicated in chart above(red line) in such case the correction can be more severe that anticipated. But now we would stick to current one only and see if it moved past the targets give above. if the 5 year trend line is taken out then we would work out accordingly and the new targets would be arrived at.

M.Sri Mahidar
Trend is Freind.