Nifty-Long Term Monthly Chart

The attached nifty monthly chart displays interesting scenario. Long term supports are seen at about 5000 and 3250 as of now (the lower TLs). But, a -WW gives about 4050 once point 5, which is at about 6300+, is reached. I feel that nifty may make a new high before reacting. Once it crosses below the upper TL, a long term short entry can be taken for the -WW target. The chart also shows a +WW whose targets have been met twice but can give about 5900 too. I have taken the liberty to ignore the possibility that point 3 may not be above point 1.