Nifty EOD 18-8-2011

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 1.682*W1=995=5740-995=4745

and has so far been:

SW1=5740-5497

SW2=5497-5702

SW3=5702-4946

SW4=4946-5194

SW5=5194 downwards in progress; Target approx =SW1=243=4951

(i)=5194-5053=143

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

(iii)=5132--downwards in progress--Target 1.618*(i)=231=4900 in 5 waves --termed sw1,sw2---

sw1=5132-5015=117

5132-5096

5096-5116

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

5015-5075.45(5015-5061;5061-5030.3;3030.3-5075.45)

5075.45-5033.1

sw2=5033.1-5112=79(67.5%)

sw3=5112---in progress ; target 1.618*sw1=4922

5112-5017.6(5112-5077;5077-5087;5087-5032;5032-5050;5050-5017.6)

5017.6-5078(5017.6-5069.45;5069.45-5037.3;5037.3-5078)

5078-4932* and thus the target of 4922 is very close

sw4 upwards pending (should be approx 38.2% of sw3)

sw5 downwards pending (should be approx =sw1=117

Thus we are coming close to the end of (iii) of SW5 of W3 of C to the down with (iv) and (v) remaining.

So far the fractals have been very easy to spot but if we get into a gap-down again ,then we shall have to be very careful in deciding whether W3 has ended or only the (iii) of SW5 of W3 ?

Best of luck to all.

Raghu