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.

Hindustan Oil Exploration - Bullish Trend

Today, Hindustan Oil Exploration (HINDOILEXP) caught my attention. The stock is in a bullish trend. Some significant technical formations are in view. Look at the up (green) bars: The volumes on bullish bars pierces through the 15-day moving average of the volume. On the same days, the price range are expansive in nature. On the down (red) days, the volume is restricted within the 15-day moving average. On the same bars, the price range is contracting. The trendline clearly shows an upwardly moving.

Hind Oil Exploration is showing that huge purchases are being made while the sales are being done by weak hands. Each dip is being strongly supported. Thus there is tremendous buying interest. I think the stock would continue moving toward its previous highs of 262 and 282 over the next few weeks.