Nifty : EOD 14.3.2012

First things first:
1.I got initiated into EW studies by my Guru Baaluji @ Wave Rider through MMB .I have not seen him but spoken to him over phone a few times.
2.When I asked him for Guru Dakshina, he simply said that you try to educate as many people about EW as possible.
3.My initiation to EW is only 12 month old and I started writing this blog from 13/8/2011. That shows in six months time I was able to grasp its fundas.
4.My illustrations may or may not have helped anyone,but it has DEFINITELY HELPED ME to have a better grasp on the subject.
5.The sort of compliments showered on me are embarrassing as I write for the twin self-interests I mentioned above.
6.As it does not involve any rocket science, any one can do it and in a very short span of time mentioned above.

Shall update EW observations very soon.
There are a few striking aspects of the upmove from 5171-5498:

1. There were four consecutive gap-ups of which two got filled the same day and two remained unfilled.
2. Being labelled as Corrective B,this kind of swift upmove was unexpected, though zig-zags are quite swift but still this looks exceptional.
3.Because of the gap-ups,it was not possible to delineate the fractals of B(a)=5171-5419 and B(c)=5327-5498. Only saving grace was fractals of B(b)= 5419-5327 which were clearly discernible.
4.In the absence of clear cut fractals for B(c),it was left to permissible proportions to find out the ending point  of B(c).And as discussed in the Pre-open post for today,the permissible range was 5480-5537.

But is a revisit to 5498+ levels possible to end this B(c) ? Or it has already ended?

B(c) has so far done 5327-5498* and the down-move from 5498 has taken a very clear 5 wave form(=5498-5438=60)as discussed in the Intra-day trade today.
For a revisit to 5498+ levels,the down move from 5498 has to be a 3 wave form and from the end of that 3 wave form a 5 wave form has to rise up and above 5498.
A 3 wave form down from 5498 would entail following counts:
a=5498-5438=60
b=5438-5470
c=5470- down by minimum 37.2 points (i.e. 5433) as a 5 wave Impulse or 5 wave Diagonal.
On charts this Probability can be delineated in following way:

The minimum mentioned for c=5470 downwards is 5433.
What is the maximum?
Maximum is 1.617*a(=5498-5438=60)=97=5373.
Thus my conclusion is that till we go below 5373, a top at 5498 would not be confirmed.
So all shorts to keep a Trailing Stop-loss(TSL) which currently is at 5470.1

Raghu