Step 1: Nifty will retrace 78.6% till 11377.75. Step 2: To form a Head, NIFTY will fall from 11377.75 to 8800 level. Step 3: Nifty will then form another shoulder on the right. Step 4: Nifty breaks below 8800 and falls down to 6225-6350 level which is a big support level.