The passing week was a consolidation small range Weekly inner bar.
The picture on the weekly is classic bullish 1-2-3 system. “1” was the previous bullish week, “2” was the passing week – combined forming a bullish flag, and it is classic that by taking out the High of the flag, the prices should make the “3” by at least the size of the flag (Top of “1” minus Bottom of “2”).
What bothers is that the index has taken out the Monthly LHBL (Last High Before Low) but hasn’t consolidated (monthly) ever since, and now is facing the 2 Month LHBL above, within the target of this 1-2-3 system.
This may turn into price manipulation by taking out the 8621.55 High and reversing back below the 2 month LHBL level at 8654.75, i.e. a false Weekly break up. In this case we might see the price back into the last 2 week range, and this can start a Monthly scale correction down.
In case the Market does take out the 2 month LHBL line at 8654.75, the last important resistance below the all time High at 8669.45 might halt it on the Daily and perhaps the Weekly scales, still within the target of this Weekly bullish flag.

Nifty Futures: Weekly chart (at the courtesy of netdania.com)

Nifty Futures: Weekly chart (at the courtesy of netdania.com)

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