Nifty Intraday Technical Analysis for 3rd Aug 09

Nifty Intraday Chart - 5 Mins:

Nifty Formed an Ascending Triangle from last Friday, today it gave a breakout. Today it retraced exactly up to 61.8% of the first wave of the Ascending triangle, forming a good harmonic Triangle pattern. But the spread of the bar and volumes at the breakout are not very convincing. Nifty consolidated just above the resistance line of the triangle and gave the breakout from the sideways move to push the prices upwards.