Trading Nifty on 29-05-2012

So Yb started from 4789 upwards now stands labelled as:

YbA in progress:
sw1=4789-4956=167
sw2=4956-4804(ended at 4810)
sw3=4810 upwards in progress
(i)=4810-4908=98
(ii)=4908-4856=52
(iii)=4856 upwards in progress target minimum 1.62*(i)=159=5015
4856-4932=76
4932-4889=43
4889  upwards in progress as 5 wave form(4889-4936;4936-4913;4913-4971;4971-4943;4943 to 5020(likely) in progress

These waves within waves can be seen on the charts as follows:

And therefore once this 5018-5020 is reached a downwave is likely to start--- and the degree of that downwave would be known later(as 5018-5020 is signalling end of upwaves of 3 different degrees of waves).

Sameer Anand asked a very interesting question:

Q

sir

as per ur EW analysis 5015 is minimum for (iii)
is there a way to find maximum for (iii)?

UnQ

While EW wise an extension ranges from 1.618% to 425%,we use other indicaters,particularly channels/trendlines and momentum (once the minimum has been reached)to find out the point of reversal.

In current scenario:

Charts like above along with various ema(usually 5/10) cross-overs and/or Stochastic cross-overs are used to find out the extent of extension and beginning of its reversal.
3.20 PM

EOD
At EOD our labels stand as:

So Yb started from 4789 upwards now stands labelled as:

YbA in progress:
sw1=4789-4956=167
sw2=4956-4804(ended at 4810)
sw3=4810 upwards in progress
(i)=4810-4908=98
(ii)=4908-4856=52
(iii)=4856 upwards in progress target minimum 1.62*(i)=159=5015
4856-4932=76
4932-4889=43
4889 -5020=131
5020-4983*=37
4983---upwards by min 47 likely tomorrow to complete (iii)

Raghu