Trading Nifty on 07-05-2012

Going by the way Asian markets have opened,we are likely to open with a gap-down.
Continuing with yesterday's EOD post:
when Ya=5342-5154=188
Yb=5154-5279
Yc can maximum do 1.61xYa=302= 4977
Other probables are(all Fibo exten)=1.236;1.382;1.5 x Ya=5046;5019;4997

Now a very valid point is, what if we go below 4975?:
Markets are supreme, and we can not "limit" it into our labels.
Then what's the point of labelling,counting & learning EW?
-- Labelling is one of the means of listing Probabilities --nothing more than that. When our labels succeed it leads to fat purses and even when they fail, that cut short our losses.

So our labels of A=4351-5629=1098
B retracing the A as WXY where the last leg Y cannot go below 4977 would become invalid if we go below 4977.
And to see a Count (which has been helping us trace Nifty for last four months) go invalid would be quite a shocker.I'm mentioning it because it is this FEAR FACTOR that we keep on talking about but fail to win(most of the time).
Whether it is really the time to "sell & go away"
or
"once in an year opportunity" ?


What lays in future, nobody knows but I am ready with my list of stocks to make some delivery based buyings. Are you ready?

9.30 AM
Breakout above day's high of 5020 should be used for going long--with SL at day's low--- a very elementary way but should be very fruitful today--

1.15 PM
Yessssssss--

1.27 Pm
While 5 min charts have confirmed the base formation at day's low, Hour chart would do it with an hourly close above 5 Hr.EMA

1.59PM
Back to wave-counting.Also 5 Hr HEMA is 5033 closure above it gives hourly confirmation also

2.20 PM
Balle-balle-- first target met:

2.35PM

2.50 PM
Trailing Stop-loss for longs at 5051.5

I would use 200 DMA--5115--- for squaring off longs for once.
3.20 PM

Although going by the momentum in Hr chaarts,a gap up tomorrow looks very likely:

A close above 200DMA would confirm taking longs home for the night--