Trading Nifty on 14-05-2012

As we are labelling the current downmove from 5342 as Ya , fanning out as a 5 wave Impulse, the most convincing labels appear as follows:
                                       

On Friday I had tried labelling it as:

but the "presumed" sw3[of extended (v)] from 4988 did not proceed on anticipated lines and the Price-RSI divergence noticed as below resembled a 5th wave :

So the labels were altered.(though I must admit that this (v)=5039-4906 does not satisfy the copy book prescription of an Impulse(its sw3=4989-4925 in particular).

Does that mean Ya is over at 4906 and Yb begun?

Quite likely though one Probability of (v) of Ya continuing as a Diagonal remains where (v)=5039-4906 may continue as a Diagonal in following manner:

(v) in play from 5039 downwards:

sw1=5039-4906

sw2=4906 upwards in play

a=4906-4976=70

b=4976-4923=53

c=4923- up but not above 5039

3.15 PM
Looks like a Diagonal (v):
sw1=5039-4906=133
sw2=4906-4976=70
sw3=4976-4874=102
sw4=4874--upwards in progress not to go above 4976
sw5=yet to play(would be less than 102

sw