Nifty Counts

My first post: Seek not only guidance from the Almighty but also blessings from my Guru WW and my Friend,Philosopher& Guide RCG. Special thanks to Naagi for providing me this platform.

Nifty Counts: Where to start from?

I am starting from the November 4,2010 high of 6339 and terming it simply THE CORRECTIVE.

Would try to fit this CORRECTIVE into larger picture as we proceed. Also I would not be following the Purist form of labelling as I have learnt EW on street - like Eklavya- so please forgive me.

A=6339-5177=1162

B=5177-5944=767(66% retraced)

C=5944- downwards in progress- as a 5 wave form with most probable target of 4782(C=A)

W1=5944-5329=615

W2=5329-5740=411(67%) as an Extended Flat

W3=5740- down wards in 5 waves with target 1.382*W1=4890(min) or 1.618*W1=4749

The down move from 5740-4946 has been full of Gap-downs making it difficult to pen down the fractals.So the upmove from 4946-5197 can be seen either as W4 or sw4 of W3. I prefer to see it as sw4 of W3 as percentagewise the minimum target of this W3 has yet to be met.

So I am seeing this W3 as:

sw1=5740-5497=243

sw2=5497-5702=205(84%)

sw3=5702-4946=756(311%of sw1)

sw4=4946-5197=251(33%)

a=4946-5167=221

b=5167-5011=156

c=5011-5197=186

sw5=in progress Target 5197-243=4954,though I expect it to go below 4900 to meet the W3 tgt

(i)=5197-5124=73

(ii)=5124-5194.4=70 as an extended flat

5124-5174

5174-5121

5121-5194.4(as a diagonal-5121-5170;5170-5127;5127-5185;5185-5132;5132-5194.4)

(iii)=5194.4-5053.3=141

(iv)=5053.3-5092*

here one set of zz is already done

5053-5083

5083-5063

5063-5092

(v) remaining and is likely to bring the Nifty to 5020 level

Then one set of 5 subwaves would be technically over and a retracement to this 5183.3-5020* will take Nifty up again.

That's how I perceive the price action for now. 

God bless !!!