weakening signs

NIFTY found recistance from around 6210 in the early days of October, but after a brief correction seven days NIFTY found strong support from  6050 around levels and suddenely on 13^th October nifty went up by 2.3% in a day and closed at 6233, but yesterday after making a brief attempt to touch new highs, it failed to do so ,and found some very strong resistance at 6284 ,and closed at 6177 ,falling by more than 100 points intraday.

Looking at the PRICE STRUCTURE   NIFTY and BANK NIFTY both have AN EXPANDING STRUCTURE in the making. This is bearish pattern ,IF  THE SUPPORT TRENDLINE gets broken on the closing basis

I am presenting charts of three stocks ,which are in the process of making TOP REVERSAL PATTERNS

1)      LARSEN AND TOUBRO -    HEAD AND SHOULDER PATTERN

2)      ICICI BANK                     -     A DIAMOND PATTERN

3)      IOC                                 -      HEAD AND SHOULDER PATTERN

In lt & icici , the pattern will be complete ONLY BELOW THE SUPPORT LINE DRAWN on charts.

I have  drawn some Fibonacci  retracement levels on nifty chart and as  commented on the chart, 5924 and 5700 nifty levels have become very very important support levels and probable targets if and when NIFTY BREAKS 6050.

Another Important  point to note that ,the BANK NIFTY has  reached  an important Fibonacci target  by reaching  1.272% of the entire 2008 crash in it.

My conclusion : there  are TECHNICAL evidences started to appear  at TOP. CONFIRMATION of a top will come only from price action. First will be a decisive close below 6083 for nifty fut and 6057 for nifty.if this happens happens than  nifty will have lower targets of 5924 and 5700 first, if not MORE.