It seems that S&P CNX Nifty has carried out Inverse Head and Shoulders Pattern Today.
I have enclosed the chart which shows that the formation had a drooping neckline apart from that on 2nd January 2012 a One-Day Reversal happened which also formed the Right shoulder followed by a break-away gap from the neckline on 10th January 2012. The measuring implications were carried out today as the head was formed at 4531 and the neckline was approximate 4950 resulting in approximate pattern objective of 5190 [4771+419(4950-4531)=5190] which happened today.
Apart from patterns the crowd favorite 200 DMA was also breached.

Measuring Implications of Inverse Head and Shoulder patter on Daily Charts have been carried out successfully.One Pending "minimum target" based on Monthly Charts is left i.e. 5441. The key on any pullbacks is 5213 as long as it holds 5441 is open for a touchdown.

5454 monthly level reached on nifty,Long Positionals are out of the picture for now until a new signal emerges

5600 breached on nifty, amazing stuff. Trailing Stops would have kept most of the Bulls still in action & 5434 is a level that i am looking out for in case it starts to sputter to a halt. Till then just switch of the terminal & enjoy the ride till it lasts

Nikhil can you please explain why does 5213 holds importance in this set up????.I am new to technical analysis hence this may sound silly question to you.It would be nice if you would help me clarify my doubt