Nifty - Elliott Wave Update

Nifty bearish channel can be seen on the chart above. If we break above it, we may see a start to a new up move, in wave V. The wave labels are not important right now, as we can look into them later if we catch the turn right. We are bang in the middle of the support zone, we have been discussing for a while now, the bearish channel is lining up pretty well. We might be forming a Fast Rise setup on Daily chart (5-13-34 EMA).

We can see positive divergences on all the 3 indicators on the above chart. 

I would be going long on the break above upper channel boundary, with a SL below 5215-5200 range. On the upside we may see prices reaching even 5630, if our pattern is right (an ending diagonal in wave {C} of (B)).