Has nifty bottomed out?

NSE:NIFTY   Nifty 50 Index
128 1 4
Well nifty             didnot break the 8540 till now and according to the current wave analysis nifty             might have bottomed out and should be looking for a new up trend or still looking to form a triangle as wave X and then wave Z. So may be some more range movement in nifty             is possible If 8676 is not taken out. So get ready for an up move.
big hurdle with nifty is 8720 and nifty can not go high if he do not touch 8470 .
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