Trading Nifty on 12-04-2012

Where do we stand?

As C1=5136-5378=242
C2's retracement targets were 61.8%=5228 and 76.4%=5193 which have been achieved.
C2's form had to be a 3 wave Corrective form,most likely to be a zig-zag.
Has the form taken by this downmove 5378-5191 been a 3 wave Corrective?
-No I can't ascribe a 3 wave Corrective form to it.
-Nor can I ascribe a 5 wave form to it.
So the question remains: whether at 5191,C2 is over or only C2.A is over with(C2.B and C2.C to follow)?
I would take solace in the fact that both C3(if C2 is over) and C2.B(if only C2.A is over) have same direction---upwards.(Though C2.B can maximum do 80% of C2.A=5341)
Trading strategy ,therefore ,should be to trade with a long bias but not bet on OTM options.
And I would like to put alongside the Hourly TA charts as well to compliment our EW based trades:

12.20 PM
Mind the trendline---should be tested

EOD
In the absence of convincing labels,felt like a blind man who has lost his stick.
Closed the longs as Hourly went into overbought.Did not short as still not sure whether we are in C3 or C2.B.
If it was C2.B then one zig-zag is seemingly over at 5290:

 By tomorrow EOD more clarity should emerge.Upmove above 5341 would confirm that C2 indeed ended at 5191.Downmove below 5222 would mean C2 continues--

Raghu