Nifty EOD 6-9-2011

As usual,let me start from yesterday's conclusion:

Q

Till now this B seems to have done its B(a)=5110-5007=103 and B(b) seems to have been in play throughout today. Whether this B(b) is doing a DZZ or a simple abc is not clear as yet but as soon as it gets over, B (c) is likely to bring it below 4950.

More than this,I am not able to say---

UnQ

And so it happened, we came below 4950 as B(c) and then shot up again as C of the retracement from 4720 upwards.

Today,another Labelling issue has got sorted. This retracement from 4720 upwards can now be very safely labelled as the retracement of wave 5740-4720 thus making our Count as:

Wave C (of higher degree) from 5944 downwards--5 wave form

W1=5944-5329=615

W2=5329-5740=411

W3=5740-4720=1020

W4 in progress as a three wave form- ABC-of which

A=4720-5110=390

B=5110-4945=165(42%)

C=4945 upwards in play minimum target is 0.618*390=5186 and optimum target is=5325

This C would fan out as a 5 wave form.

So from now on, till the abovementioned target is achieved,LONG IS THE WAY TO START A TRADE.

Raghu