Nifty short term target - 17148, 16800, 16650

Nifty chart has recently broken upward parallel channel (white) and taken support at 200 day EMA.. It has also formed a bear flag. Chart patterns suggest we're looking for a downward momentum short term.

My short term targets are 17148 (Fib measured move), 16800 to 16650 (multi month support zone).

If the 16500 levels get broke NIFTY will test 16049 (gap fill) and 15431 (previous month lows).

Let me know your thoughts in comments.