Dancing Nifty at 20 Day EMA

Yesterday on 19th April 2010, Nifty almost touches 20 EMA i.e. 5258 and come down sharply after spending almost 3 hr in that zone , which shows strength.
It bounce back with same energy from 34 EMA i.e. 5213 and manages to close above 5223

Nifty today will try to touch it's 50% retrenchment which is 5280 and then next target would be 5308 which is 61.8 % retrenchment

Do not expect Nifty to beyond 5308 in near future as It is in intermediate downtrend