Nifty EOD 15-9-2011

Q

C= 4911---upwards in play as a 5 wave--- C1,C2---

with min target=0.618*A=243=5154; Normal Target C=A=394=5305

This C has so far played:

C1=4911.3-5030

C2---in play as 3 wave as a Regular Flat:

C2(a)=5030-4911.35

C2(b)= 4911.35-5024

C2(c)--- likely to play out tomorrow from 5024-4911.5

So I have gone Short with SL at 5031

UnQ

Opened at 5062(at the end of pre-open session) so there was no chance to put SL. And as I was not expecting it, got stumped for a while. But before the regular market opened,was able to calculate that in a Flat , wave B is capable of doing 1.382 of wave A. In the present case,

C2(a)=5030-4911.35=118.65 so C2(b) was quite capable of doing 164=5075. So as soon as the market opened put a SL at 5076 and calculated that now that the possibility of Regular Flat is ruled out, what are the probabilities of down move. As minimum C=0.618*A, in this case--- C2(c) had a minimum target of 0.618*118.65=73.5=4988 and maximum target of 1.618*118.65=192. Squared off all my shorts as soon as Nifty hit 4988.

Now my count stands at:

C1=4911-5030

C2= An irregular flat---

(a)=5030-4911

(b)=4911-5062

(c)=5062-4968

May not look very convincing,as usually when b>105%a, c goes more than a, but is very much within the guidelines.

C3 seems to have started from 4968 and likely to go to 5160+ levels.

And today I found posers from my esteemed Guru WW on this blog--- writing as Waverider.His presence here is a good omen for all of us.

Raghu