Nifty -a Few Technicals

Nifty seems have completed wave one of 5 and may have started on wave 2 of 5.Indeed after a rise from 5548 to 5949 ( about 401) it is healthier to have a correction.We had an intraday fall on December 06, but a correction on closing basis is still to happen.Since this rise from 5548 has already consumed 12 trading days, a correction is due time wise also. Looking at the technicals the correction in the form of profit taking may be swift and sharp with recovery in the form of 3 of 5 continuing the current up trend.
Here is an intraday Fibo picture....It is interesting to see the intra day correction falling exactly to 23.6% levels.

On the weekly charts, we are beginning to see the beginnings of a negative divergence with the 9 period RSI...

While it is too early to react, it pays to be a bit more cautious, going forward