Nifty - Flag and Pole?

A thought had crossed my mind when we saw the rise from 4960 to 5360 - is this a flag and pole? The rise looked like an impulsive third wave [3rd of III], so it follows that the slow downard movement had to be a corrective. It is indeed behaving very much like a 4th wave in progress. However, if this is a flag-and-pole then it is saying that the target for Nifty is 5600. Only a break of the upper trendline of the down channel would make things certain. Until then it would be trading within the channel. The max downside for the short term is 5100, where the wave 1 [1 of III] ended.