Nifty: EOD2-02-2012

Felt like declaring:

Count Invalidation ke dukh mein AAJ DUKAAN BAND HAI !!!

And it happened to be the first thing of the morning trade.The end of pre-open session declared an opening of 5272+ and so the Expanded Flat Count went into the dustbin and what we are left with is a pure and pure Impulse from 4531 upwards.Part of which wave of higher degree? No comments on that--- more about that during the week-end.

So now our Impulse stands as follows:



And so the closing above 2ooDMA was no false breakout and whatever Correctives now come,shall have to be treated as RETRACEMENTS and not REVERSALS.


WELCOME INTO THE KINGDOM OF BULLS

And lets have a look as to where this First Impulse to the up stands:

SW1=4531-4800=269
SW2=4800-4588=212
SW3=4588-5290*=702 having done almost 261% of SW1,looks near completion:
(i)=4588-4783=195
(ii)=4783-4687=96(50%)
(iii)=4687-5217=530(272%)
(iv)=5217-5077=140(26.4%)
(v)=5077-5290*=213

And a visit inside this (v) through Hour Charts shows us:




Thus EW -wise, we are ready to come down as SW4,though I would advise going short only below 5226 with Stop-loss at 5290.
Targets for this SW4 are:
23.6% of SW3=165=5124
38.2% of SW3=5022

And it would be a good opportunity for trapped bears to breathe---

Raghu