An ascending triangle identified on the Nifty a few days ago has now touched 5000+, within distance of 5070 which is the target for the pattern. Once the target is met (if), Nifty chart will be open for development of new patterns.
The fact that an ascending triangle developed at the bottom of a bear decline carries some significance. After all, an ascending triangle is a bullish reversal pattern. We can only guess on the nature of reversal - short term or long term? since the triangle developed on the daily chart it's targets were modest. Therefore, it should carry short term significance. We should continue to assume that the short term trend is up until proved otherwise.
What happened to the bearish wedge? This pattern is now in danger of changing it's shape if there is any more rally in Nifty prices. It could then become a regular up channel which would have a different meaning a altogether.
To sum up: the short term trend is up. A reversal pattern is required to change this trend.