NSE:NIFTY   Nifty 50 Index
Bulls have added huge writing of calls at 11300 and 11400 strikes today. Bears have remained subdued. But bears are firm on holding onto 11500 Calls. Price is rising along side the Pitchfork resistance. If bulls dominate in this manner, there is a possibility of breakout above this resistance and thus 11500 resistance of bears may be pierced through.
On weekly chart 5th wave is running which is confirmed by the price breakout.

One of our friends is saying that Nifty is in a dangerous level and it can crash down to 10000 level. Anything is possible in stock market. Nobody knows at what level market will open and close tomorrow. We are is a game of probability. There is nothing sanguine here. It is also possible that Nifty will see beyond 117001--1800 in near term also since on weekly chart there is a big breakout and this is the third week running post breakout.
S&P500 has lingered at the breakout line for several days and recently has broken out SHARPLY (means, bulls are quite confident).

Crude is melting and it is good thing to see.
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