nifty Nifty had made low at 5118 and created a picture perfect head and shoulder denoted by SHS in black. However there is another bigger Head and Shoulder highlighted by red line is in the offing. The next support for this HS pattern is 5490 as per fibbonaci 61.8 range of the total 975 points sell off from 6093 till 5118. If market corrects down to 5490 and take anchor there, we can see the HS to form. Target can be around 5900 - 6000 range. However market is not so picture perfect and full of surprises. This is a technical hunch . Market is subject to risk and sentiments. Only time will tell.
