Hanging Man in Nifty?

On a daily candle of Nifty, it looks like a Hanging man. However a follow up confirmation is necessary to confirm this. If this is confirmed then we have made a short term top and the next leg of bearishness in Nifty will emerge. If it is confirmed then we we may observe more violent moves ahead.
Hanging man will get invalidated when the price moves past the high of the hanging man candle. In such a case this may imply that it was a runaway gap.

Confirmation :

1. The next bar opens under hanging man's real body. The more the price gap between the hanging man's real body and the next bar open price, the more probability that hanging man will form the high.
2. Close price of the next bar's black candle is under the hanging man's close price

More details about Hanging man can be viewed from here.

Nifty Elliott Wave Analysis for 22-11-2012

Nifty seems to have completed the 4th wave and started with the 5th wave up. This is with the assumption that the 5th of the wave c down was a truncated one and has exceeded the previous wave 3 of the c by only 1 point. If that is a turned out to be false and it was a flat correction then we will get resisted at around 5635 range which is the channel line drawn in blue color in the hourly chart and the next leg down should unfold in impulse fashion to complete the 5th of c. The chances of this are less as RSI is already in oversold region and gave +ve divergence in hourly chart. Also in daily chart RSI has reached over sold region and reversed. This makes us believe that this could be a possible reversal and in that case it is the beginning of the 5th up.

Let us watch the retracement of the pause from 5635-5650 range. It should get support near 5590-5610 range.