Nifty : Beginning 2.11.2011

In my yesterday's EOD post, I concluded:

"---it would be prudent to believe that Y.C as a 5 wave form was over at 5400 and currently a fresh downwave is in progress. Though confirmation would come only below 5148.

So this fresh downmove should be counted as

5400-5323=77

5323-5365=42

5365-5238=127(165%)

5238-5263*

5th subwave should go below 5200".

A probable level for this 5th subwave can be seen from the charts below:

So tentatively todays imp levels would be:

1.Opening around 5180;

2. Retracement (as 3 wave form) of this 5400-5180 wave by 24% to 50%;

3.Down again as a 5 wave form

And the lenth of this 5 wave form(mentioned as point 3 above) would decide the course of future waves.

And have a look at this chart also.

Raghu