Nifty:Beginning 30.11.2011

This is yesterday's 3min Nifty chart and I am not able to conclusively say which wave comprises of 3 sub waves and which one comprises of 5 waves.

So I shift to a 15 min chart:

and find it better. Lets look at 30 min chart now:

It does not confirm the 15 min chart where in the middle wave(4803-4866)was coming as a 3 wave but here it is not qualifying as a 3 wave.

Now lets come to Hourly chart:

And it clinches the issue for me.

This whole exercise has been illustrated to demonstrate the difficulties & pit-falls in arriving at the correct labelling( and still there is no gurantee that THIS IS the correct one) and now we have to fit it in the previous Counts:

Thus it alters the Counts given in yesterday's EOD post which now stand corrected as:

Wave A(5 wave from):

A1=4639-4708=69

A2=4708-4669=39

A3 in progress as a 5 wave;

Can be anything from 1.62*A1 to 4.25*A1 (i.e. from 112 to 294) so far:

(i)=4669-4771=102

(ii)=4771-4693=78

(iii)=4693-4864=171

(iv)=4864-4787*

(v) to the up by 102 points likely today.

Raghu