nifty index support 5348

[razx5]

daily chart suggests nifty support at the low made on august 31 that is at 5348.90 from whre tha market jus took off like a rocket ending in green for 11 trading sessions out of 14 sesions..so my suggestion to all swing and position traders wait for the index to retrace atleast by 78% from its high of 6338.50 made on nov 8th..that is wait till 5636..then only take positions