Nifty: Price Breaks Bearish Sequence but...

NSE:NIFTY   Nifty 50 Index
From the chart, it is clear that the bearish sequence was broken when price made a new high above the prior swing high.

We now have a few reference points in the form of downsloping magenta pitchfork and upsloping green one.

A move past the upper parallel of the magenta fork would have bullish implications and price could then move to the middle green line. If this happens, a buy signal in the Point and Figure chart would be triggered and a new bullish sequence of higher highs and higher lows would be underway.

The other scenario is a failure in price and a fall below the recent low of 8002. This would mean continuation of the bearish trend upto 7750-7800 range.

Which scenario will playout? You guess is as good as mine, for the moment. We need more evidence from price to lean one way or the other