Nifty: EOD 16-01-2012

As usual,maintaining the continuity till the count gets invalidated:
Larger picture:




and on zooming in:


And this is how the last two days can be counted for the fresh down-move that has been "assumed"( so far) to have begun from 4899 downwards, on Hourly Charts:


Normally,SW2 is a zig-zag but here the SW2 has been shown to have played out an expanded flat( whose C is a diagonal).As major Nifty heavy-weights are aligning themselves for this fresh downmove,it is not ab-normal.
And so I am persisting with the above Count.
Stop-loss for shorts remains at 4899.

And what our Momentum indicaters are saying?



While till 1.00pm Nifty was trading below its 20Hr.EMA,it shot up after that and closed not only above 20Hr.EMA but also above 5 Hr.EMA thus a decisive reversal has still not been indicated as far as momentum is concerned.And add to it the fact that we have closed,for the 2nd day in running above 50DMA( at 4843 now).
Thus EW labels have yet to be confirmed by momentum studies.So strict SL at 4899 for shorts have to be kept.