Nifty EOD 16.8.2011

Still getting used to the new platform.Infact yesterday wanted to add a link that would have been very useful for today's trades,but it was not to be----

As such continuing with minor alterations in counts.First of all a link to make the waves clear:

http://img825.imageshack.us/img825/5453/nifty1682011.png

Now the counts:

Wave C from 5944 downwards--5 wave form--Target 4783

W1=5944-5329=615

W2=5329-5740=411

W3= in progress minimum target 1.382*W1=850=5740-850=4890 and has so far been:

SW1=5740-5497

SW2=5497-5702

SW3=5702-4946

SW4=4946-5194 a link to the details of this SW4 is as follows:

http://img708.imageshack.us/img708/5527/nifty1282011.jpg

SW5=5194 downwards in progress

(i)=5194-5053=143

(ii)=5053-5132=79(55%)

a=5053-5093

5053-5083

5083-5063

5063-5093

b=5092-5067

c=5067-5132

(iii)=5132--downwards in progress

5132-5096

5096-5116

5116-5115(5116-5084;5084-5102;5102-5065;5065-5080;5080-5015)

5015-5061*

This is how we stand --IMHO

Target remains 4890

Raghu