Nifty EOD 24.8.2011

Let me start from yesterday's conclusion:

Q

Conclusion: In view of the above,I believe we are now in (v) of W3 which is likely to travel down by a length approx. equal to (i)=143 (pl have a look at my previous posts to see details of W3).It is more likely now that we may go below 4797 to complete this (v) of W3.

So I advise for today go short with SL at 4967 for targets below 4797.

UnQ

It worked out perfectly.

To place the counts in correct perspective again,lets revisit them:

Wave C from 5944 downwards--5 wave form

W1=5944-5329=615

W2=5329-5740=411

W3= in progress ---- target 1.618*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

(i)=5194-5053=143

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

(iii)=5132-4797=335(235%)

(iv)=4797-4966=169(50% of (iii)

(v)=4966---downwards in progress as 5 wave

and the most logical target is below 4797.Discernible waves so far are

4966-4896=70

4896-4931=35

4931-4875* is in play and should take us to 4815-4820 levels.

All shorts now should have a Stop Loss at 4932 and target -1 at 4820.

Best of luck.

Raghu