Nifty: EOD 25-01-2012

I am feeling a bit strange while posting these charts:


These are daily charts closing price being much above 5DEMA,though RSI in overbot zone,MACD shows no turning down.

And below are Hourly charts with same parameters:



What these indicaters have got to do in a blog with EW counts?
In answer to that,I would like to repost what I wrote yesterday:
Q

The fractals of Sw3 as shown above are:
(i)=4588-4780=192
(ii)=4780-4687=93
(iii)=4687-4899=212
(iv)=4899-4827=72
(v)=4827-5141=314*(having done 163% of (i)

Thus Sw3 as 205% extension of Sw1 and having 5 wave internal fractals (which too have done minimum targets) looks now ready for a Sw4 retracement.

But when will it oblige?
UnQ

Today, the (v) ( mentioned above) did 4827-5173.55 and that makes me repost yesterday's chart with descending Trendline:





Although my guess is as good as yours,momentum indicaters as shown in the first two charts are not showing any let-up.Are we going to test 200DMA in this SW3 only or it will be left for SW5 to test that?

However,EW counts show that the fruit is ready to be plucked and if we get any negative global clues,a gap-down opening can very well be expected.
And my first target would be 4990.

Raghu