Trading Nifty on 02-05-2012

Hope the opening spell shall define the label---
above 5259 would mean Yb(b) played out as a zig-zag 5262-5222 and Yb(c) started from 5222 to do minimum 0.62*Yb(a)=0.62*108=67=5289
below 5230 would mean Yb(b) continuing as some corrective combo form to be followed by Yb(c) upwards---

Fibonacci retracement levels for this Yb(wrt Ya) are indicated below. 80% retracement means 87=5222+87=5309

9.25 AM
Yb(c) in play
started from 5222 to do minimum 0.62*Yb(a)=0.62*108=67=5289

10.05 AM

so no shorts should be created before 5289 despite the 5 min charts issuing sell signals--

12.40 PM
And the grind continues--

1.25 PM
3 wave upmove from 5154 definitely not over yet:
It can not be
108
40
57

It can at the most be labelled as:
Yb(a)=5154-5262=108
Yb(b)=5262-5222=40
Yb(c)=5222---upwards as a 5 wave form(Impulse or diagonal)
(i)=5222-5279=57
(ii)=5279-5241* in progress

1.55 PM
can be long-- for intraday scalp--SL 5222

2.45 PM
By going below trendline,Yb(c) has expressed the possibility of a Diagonal Yb(c) wherein:
(i)=57
(ii)=38
(iii) above 5279 by how much cannot be said.

SL for longs can now be moved up to 5240.95

3.00PM

3.13 PM
AAAAAAAAAh--there goes my SL

Going long again

EOD:
Minimum required for Yb(c) not done yet so went long again in the dying minutes--
Although the Hour chart showing building up of downward momentum--

But incomplete Yb(c) made me go for longs again---
Not very prudent,but it happens--- lets see how we open tomorrow--