Here are the weeklies for Nifty--010812
Nifty 5016.39 4908.72 4843.86 4714.14 4649.28 4541.61
This past ended nicely as the WR3 at 4815 capped off the upside action.
Price action has broken through the 4-hour cloud, as I talked about earlier. Next week watch for a reaction at the WR1 at 4843, as it also coincides with the weekly kijun at 4834. We are also nearing the reversal point as the containment level is circa 4873.
I also talked about how the bottom of the 4-hour cloud would not have made a good reversal area to get back in the downtrend, because the reversal would not have been as powerful and predictable.
On the downside, the level to watch for is 4667. When it is broken, you'll know it, as the move will be accompanied by a very stronger than usual candle. The next move could very well be the one that takes us into the 4300's, but that remains to be seen.
Okay, now that you know where we are headed, and you got the road map in hand, we just need to hear from Taurus when it will happen--lol.