Nifty :EOD 27.3.2012

In Pushkar.
Am able to lay my hands on lap-top after almost a week, and the complexities of pattern have seemingly increased. Special Thanks to Sunny Hooda for his affectionate enquiries.
First of all a look at trendlines & momentum on Hour charts:

While the negative divergence in price-RSI while forming new lows shows a decreasing downside momentum, close of price above 5 Hr EMA(=5233) and 10 Hr.EMA(=5226) and x-over of 5/10 Hr EMA indicates reversal from downmove to up move.An indication that would be confirmed by breaking of the trendline.
Lets see what indications are given by Daily Charts:

No negative divergence on Price-RSI front;

Price closed below 5 sma(=5262) and 5 ema(=5254).

Only the Daily Candle has made a Higher High and Higher low. Otherwise no confirmation of Hourly charts in Daily charts so far.

And what does EW say?

And tentatively following channel should be used to locate the ends of C4 & C5

And a microscopic view of C4(from 5175 upwards) appears as follows:

So my favourite trade would be to go short at all rises with Stop Loss at 5297(Nifty Spot) and look for target not below 5085


Should become regular by 30.3.2012.

Raghu