You raise a very interesting topic – one definitely worth further research! I don't have the answer now but I'll try to look into it. Feel free to share any insights you find as well.

I prefer not to anticipate triangle breaks, but rather join the winning side – personal preference from experience.

Draw a Fibonacci grid from the May highs to March lows to find Fibonacci support. As for resistance, look for higher swings to draw Fibonacci off the March lows and also look for prior swing highs as logical targets.

With a triangle, you're still better off waiting for the break no matter what the indicators are saying – consolidations represent a market in balance, and – like a snowball rolling down a hill – any break will often lead to a trend move. It's no fun to be caught on the wrong side if you try to anticipate it – I suggest waiting.

I'm developing a series of “Cheat Sheets” on Elliott Wave, and have done posts in the past on the Nifty with Elliott Wave analysis. Do a quick search in the toolbar to find all of these posts and feel free to browse around.

These are from TradeStation indicators I received from attending a seminar with Linda Raschke in 2006 and thus can't share them.

I described a little of the theory behind the colors but this is proprietary and I really can't go into much more detail than I have in the post.

I wish everything I said would be 100% correct! I try to point out key areas to watch closely for possible inflections based on multiple sources of confluence – these tend to work more than not, but if there were anything 100%, I'd like to know it!