Nifty - Is Inverse Head & Shoulder is in making ?

Nifty on daily chart is forming an Inverse Head & Shoulder Pattern which is Bullish in nature.
The start of the pattern is from June where it has formed Left shoulder & forming Head around 5110.

Nifty after rallying till 6140 from 5110  is retracing & around 5507 is 61.8%  level.

If Nifty gets support around 5500 level & moves upward, this will form the Inverse Right shoulder.
Break above the Neckline around 6100 will result a next Bull wave surpassing the previous high.

This probability holds good if and only if Nifty turns back around 5500 level. Break of this level negates the pattern.

Nothing in this post should be considered as investment advice.

Please go through the disclaimer mentioned elsewhere on the blog

Disclosure : I do hold positions in Nifty Derivatives contract.

P.S. Due to Professional commitment I am not permitted to post Bullion chart or  views. Sorry Friends.