Nifty: A Correction Might be on the Cards

Refer my previous post to understand the broader chart and basic structure of the market.

The hourly chart reminds me of a famous quote -- History never says Goodbye, It says see you later.
Whenever Nifty breaks above previous top/peak, the price lately retraces back to the breakout level (notice this behavior ever since the index has been gyrating in sub-channel 2). If it is to happen again the index may slide down with in the downward sloping channel to test 9530-9550 zone, which is a nice confluence point of static as well as dynamic support lines and hence can act as potential support. However, a strong move above 9710 would negate this hypothesis.

#Never trade breakouts, trade pullbacks. Never risk more than 1-2% of your capital on a single trade.

Thanks

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Chart displaced slightly while posting. A peak is missed but purple levels are the peaks only.

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Here is full chart.