Trading Nifty on 09-05-2012

I was thinking yesterday:
"How easy it is to analyse the past waves--- also as nothing is on stake(monetary or otherwise) so it is a fun also.
But to analyse/label the current waves and set up instant trades and then sudden shifting of gears and direction with money at stake and at the same time an unsaid pressure that there may be several others following your guidances----- but it all is worth as long as you come out triumphant. But situations like these when market tests your convictions to the full-- are quite stressful also.
Why?
 Do you get so attached to your Counts/Labels that you cannot see them falling ?
Simply keep the alternative Count handy and when you see the SL getting hit as per first Alternative,simply shift to the other -----
Aaaaaah !! easier said than done---where is the alternative? Even if it is there are you convinced with that?


At least today,I donot feel convinced with whatever alternatives are coming to the fore for this downmove from 5629-4984 and am stuck with my Labels:
WXY wherein :
W=
a=5629-5171(an Impulse with extended 5th wave)
b=5171-5500(a zig-zag)
c=5500-5136( 3*3*3*3*3 diagonal)
X=
a=5136-5378(an Impulse)
b=5378-5184 ( a zig-zag ending at 5190)
c=5190-5342( a Diagonal)
Y=
a=5342-5154=188
b=5154-5279( its form remains a mystery as a true zig-zag would have form only on reaching 5289);
c=5279-4984*=295 still within the limit of c<1.617*a but its too close for comfort.

And then how to explain the visible Impulse of 4988-5124 and then return from 5124 to sub-4988---
For that I have an answer:
Just recall yesterday's Trade set up posted at 9.45 AM:

This 5 min chart shows 4988-5124 as a 3 wave form:
a=4988-5076=88
b=5076-5051.6=25
c=5051.6-5124=72

And then the following Impulse to the down -- 5124-4984--- can be seen as the last leg of Yc:

But will it hold fort?
I donot know---
And cannot help recalling an old adage about stock-markets:
" When you seem to have found the right keys, they change the locks----"

:-(

Raghu

9.12 AM
Pre-open session has ended with 4967.9
Confirming that above labels are INVALID.
So now I have relabelled  these as:
Ya still continuing as a 5 wave form from 5342 downwards---something that would be fine-tuned by EOD:

These are tentative labels--- would be fine tuned by EOD.
No trades for me today---
12.10 PM