Analysis of Nifty 500 on a monthly timescale

Considering the current market scenario where the broad based indexes and the headlining Nifty 50 is behaving a bit differently, I believe Nifty 500 will provide a better picture of the market scenario. Nifty 500 broke out of a channel earlier and currently taking support on the breached resistance and EMA 34 (which has acted as a long term support). A rebound might be expected from the current levels, however the pitchfork indicates some possible downside. Currently Nifty 500 is moving in a wedge pattern. any breakout or breakdown may clarify on further market direction.