Nifty: 6.3.12--Intraday Updates

Pre-open

As per my Preferred Counts,following labels are being followed:

Y.a=5459-5298=161

Y.b=5298-5392

Y.c=5392-5266*=126 (78.2*)

And this Y.c can do upto 1.617*Y.a=260=5132 so what is the likely target for it ?

To answer that,lets go inside it,remembering that it has to take form of either a 5 wave Impulse or a 5 wave diagonal:

Most "delicate" thing about the above labels is length of (v)=46 which makes (iii)=79 an extended subwave. If (v) goes down further to attain a length of 50(i.e. below 5262),these labels would become invalid as (iii) would no longer remain 1.62*(v).

So based on above counts,we can remain long with SL at 5262

And what if we go below 5262?

In the scenario of opening or going below 5262,following labels should be used:

So the opening or a tick below 5262 should be used to initiate short position with a minimum target of 5184 and Stop-loss at 5213.

And do I need mentioning that 200DMA is at 5166?

See how simple---HHHH

How have we opened?

9.45 AM
A tick above 5324 and downmove over.
Go long at all dips now--

1045 AM
While still trying to figure out how Y.c has done,the following channel for Y would prove useful.

This is the most common channel for a zig-zag abc which is made by joining the beginning of a with end of b and extending it. And then a parallel line is drawn from the end of a (to seek probable target for c.


11.30 AM

And within this W5 so far:

So stop-loss for longs is 5283
And target is 5465(minimum).


1.00PM
The form that can be taken by W5 for current upmove shall be confirmed later.One of the probabilities is:

or is it WXY-X-again with Z to follow?

2.30 PM
The question remains the same:
Is it still W4 as WXY-X(5223-5382)-Z in play(downwards)
or
Is it W5 playing as 3x3x3x3x3 diagonal ?

Shall the closing provide us the answer?
Simplest of benchmark is this trend-line and 5 Hr.ema.
Closing below them would be a vote for WXYXZ:

And let me add the most bearish Probability as well:

3.10 PM
So the probability of W5 having begun from 5223 upwards is OUT now.( as we have gone below 5223)
And is this channel our guide now?

EOD:


The last two charts above would become my guiding lights now---