Nifty : Beginning 20-1-2012

So now that we are Counting the retracement ABC of Impulse 5400-4639=761 as an expanded flat,capable of doing upto 5276(A=4639-5100;B=5100-4532;C can go upto 1.618*A);
most plausible retracement levels of Impulse 5400-4639=761 are:
61.8%=5109
76.4%=5220



And the most plausible count that appears on EOD chart so far is:




And subjectivity being the hallmark of EW,this is definitely not the only EW pattern that is in air.
On Hourly charts this extended (v) appears as below, and looks capable of doing 5171+ :



Though the Channel gives some hope to trapped shorts:



But with no let up in momentum so far,this channel would give in sooner than later.
Raghu