Nifty: what's next?

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From daily chart, Nifty crosses its previous cluster of resistance placed at 11700 and from there it made a high of 11945 which was closer to my mentioned level of 12000 mark. As of now prices are moving in a rising channel (shaded).However, this won’t last as Nifty is forming small candles from past two days giving an indication that Nifty will relieve from current levels.

On Friday prices broke its previous low but closed in a positive terrain. Now any move below 11845 will open negative possibilities which can drag prices lower till 117 00 levels which was earlier a resistance will now act as a support (polarity reversal).

As per daily waves, prices either have completed wave c or iii at 11945 or it is still moving in that wave. Once it is completed near to 12000 mark, a new leg on the downside will start.

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