Nifty EOD 28-12-2011

Grinding day wherein Nifty maintained a very narrow range but 4693 was breached on the downside and that was a trend-decider as far as my Counts were concerned.
Of my two Counts,the WXY was played out when Y.c played 4693-4800;
and the second one(more bullish),which was to come into play above 4843 also became invalid once 4693 got breached on the downside.
Now the stand-alone wave being Counted is the down move from 5099 dt.7.12.2011 and I would be Counting it as per following Chart.



And an extended Fifth means 1.62*257=416=4385 would be seen in January.

On Hourly Charts the Downmove started from 4800 can be seen as:
SW1=4800-4686*
4800-4751
4751-4772
4772-4686
4686-4727
4727-4698* likely to test 4675-4680


Then SW2 upwards by 61.8%=4750

This is what looks likely for tomorrow wherein a range of 4675-4750 is expected through the day.Last Hour tomorrow may show us fast & furious fall.

Raghu

PS: Unable to post Hourly charts as zignals.com is not reflecting yesterday's trade.