Nifty in making of "M" at top

Nifty has shown a bullish white candle, bulls are dancing all around. How far this is real? let's see other signals

Nifty is in making of "M" at top.
Bollinger Band would not allow bulls to breach them
Downmove from 7700 top took 10 candles to touch low, this will again took 10 to 12 candles to move up till 7700 to 7730 matching Budget day on July 10.
ADX suggesting exhaustion at bulls camps and bears are gaining strength.