Is the bounce back sustainable?

By morning 8-30 am on 28th April, I had infomred the Learners who are on the current list about the fall that was coming following Dow's 230 pt crash. While breaking 5296 was foregone conclusion, I wanted to see if 5250 would break or not. That would signal a further fall and my guidance in the morning after market opened was first 5238 and when it broke, 5217. The last pull back stage was at 5204. When that was broken by 6 points, Nifty was looking at 5166.

Now we are in a partucularly tricky situation. Whereas the system is showing a fall back to 5166, an IHS formation is pointing to an movement to 5308. The crucial test will be breaking 5278. In between, there will be several opportunities for profits.