Nifty - What next ?

Nifty happens to be on a nice Inverted Head & Shoulder formation for targets of 37xx. But 7th January fall was a single day too sharp a reaction putting that IHS formation in near jeopardy. We can now see triangles forming. The first one has been hit and a further breakdown can attempt to see a 588 point fall to 2331 target. Another view is a slightly larger triangle engulfing this smaller triangle. For this triangle to break down, nifty first must reach near 2813 to trigger a 734 point fall to 2079.
Further if we look deeper, 20th November low at 2503 to 7th January high of 3146 gives a 50 per cent retrace value of 2825 which nearly matches with the larger triangle trigger point. So we can in one possibility test this 2813-25 or roughly 2820 value once. 2749 and 2641 are values which just might come if things go worse.
It has to be noted that markets behave contrary at peak levels when most of us think one way fooling almost everyone of us. This is a time tested turmoil which occurs in every condition in every market. Markets are supreme and have to be respected for what comes out. Being a little cautious at these points is the best we can do.