Nifty on 17 December 2008

Nifty on 17th did a little scare by rushing from the top line to the bottom line of the 260 points rising wedge that has formed on the hourly charts. A breakdown attempt may come or still better a little rise first and then may tend to fall down. The downside wedge target is 2690. If fibonacci retracements are to be considered, 0.5 fall will give 2822 and a .786 fall can tend to 2679 which roughly coincides with the wedge target. In the other scenario if this fall was a fake attempt on 17th the rise should again go past 3050 or 3150 before any thing happens.