Sorry for the not so good chart post..
what i want to convey thru this post is that nifty after failing to break the prev all time high , was sold into heavily by institutions resulting in a fall of about 1000 points testing 5200 levels .
But it could not reach the 2011 lows of about 4800 , and it bounced back again to the all time highs , and after a short correction , it has formed a H & S pattern.
As per pattern trading theory , the target for trading this pattern is equal to the distance between the head and the necknile which is approx 1000 points .
So the target is approx 1000 points and i think it wont be too difficult considering that markets breaking into an alll time high will ensure participation from all market participants and lots of media hype and coverage.
In the 5 mnt chart , u can see a triangle pattern , what i believe is the neckline for this H & S pattern . It may break today or tomm .