FOLLOW UP WILL IT REPEAT THE SHOW ?

Yesterday in this post ( http://www.kolhapuritrader.blogspot.com/2012/01/will-it-repeat-show.html ) it has been mentioned that nifty will target 4940-50 today, which is all ready achieved, now what will happen next.

On 12 Jan in this post ( http://www.kolhapuritrader.blogspot.com/2012/01/follow-up-evening-doji-star-nifty-stuck.html )  it has been posted that according to our gut feeling it will march towards 5000-50.

NIFTY DAILY CHART

As shown in chart above,  since nifty broke above first down trend line ( T1 ), and looks like it will form bullish candle today, it will take path shown in green or pink color and will target second down trend line ( T2 ) or resistance line shown in blue colour. So looks like it will target approximately 5075-5100 zone.

SO THE QUESTION COME TO MIND -- IS NIFTY ALREADY FORMED A BOTTOM AND THIS IS BEGINNING OF NEW BULL MARKET ? 
THE ANSWER TO ABOVE QUESTION CAN BE FOUND IN THE WEEKLY CHART GIVEN BELOW, UNLESS AND UNTILL THE DOWN TREND LINE SHOWN IN WEEKLY CHART IS TAKEN OUT, WE CAN'T SAY IT IS NEW BULL MARKET, UNTILL THEN THIS RALLY IS PULLBACK RALLY OF BEAR MARKET ONLY.

NIFTY WEEKLY

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