NIFTY can retrace back to 5143

After making a high of 5400, NIFTY has started to retrace back. Firsst signals came when it broke the uptrend-line and fell below 5324.

It looks like NIFTY will retrace back to 5143 - which is 38% of the fall. It can find some support here.

Do not buy in this period, just observe the markets for few days and see how it behaves..