Technicals part of Nifty Astro Technicals January 21 to 25 2013

Let us look at the technicals of our markets this coming week. Before we get into the wave analysis, here are a few charts...

I have used a 9 period Keltner channel which is shown as a green band in this weekly chart of Nifty futures.Coming week is the 34th week from December 20, 2011 and 34 is a significant Fibo number.

  Nifty Futures monthly has gone above the upper band of Keltner channels.This week or the week after there could be a reaction.

If we consider the second option of Nifty extending beyond its terminal pattern, then we have the following.

In this option if wave 5 extends, then the diametric pattern which we had been expecting may not be happening. But it is still early because Nifty could technically go up to 6335.90 and still the pattern of diametric could be valid.
Or else...