Nifty EOD 4.10.2011

Yesterday's conclusion

Q

And as W5 has begun from 5026 for a tentative length of 615(=W1) in 5 waves,

I would count it as:

SW1=5026-4824=202

SW2 in progress--- Target 1=4890

http://img849.imageshack.us/img849/8192/nifty301020113.jpg

UnQ

For Sw2 I gave a target of 4890 and it turned back from 4870 as instead of expected zig-zag form mostly taken by Wave 2, it made a Flat pattern and then embarked on SW3.

Now the count stands as:

W5 downwards from 5026 in 5 subwaves(SWs) for a tentative target of 615(=W1):

SW1=5026-4824=202

SW2=4824-4870=46(23%)

SW3=4870- down wards in 5 subwaves of its own haveng a minimum target of 1.62*202=327:

(i)=4870-4728=142

(ii)=4728-4791* in progress and now I would not hazard a guess for this (ii) other than that it can not go above 4870 as correctives can retrace 23.6% to 99.9%

And as soon as this (ii) is over ,(iii) shall bring it down by minimum 1.62*142=230 points

On charts this W5 can be seen as:

http://img155.imageshack.us/img155/2009/nifty4102011.jpg

Raghu