Nifty intraday 25-08-2016

Nifty hourly chart shows a possible triangle completion. Current upmove from the low of 8590 appear like the next leg of the up move, a part of the 5th wave up. This has a potential to go up near 8880 range. However there are lot of resistance clusters above 8700 range. Today being the expiry day, market may swing dramatically in either direction!

We need to closely observe the breakout region near 8660 - 8680 range. If comfirtably moves above this then the breakout is confirmed. It may also spend more time in the region resting on the downward sloping upper trend line of the triangle in a pull back. However moving below 8650 will be a concern for this breakout.

Nifty hourly chart with Elliott Wave analysis:

Nifty hourly chart with 9 RSI: