Nifty :EOD 29-6-2012

The most bullish Count doing circles is:

In here wave B is being counted as abc in following manner:

a=5630-5171=459

b=5171-5500=329
c=5500-4770=730 counting c as
(i)=5500-5136=364
(ii)=5136-5378=242
(iii)=5378-4789=589(1.618 of (i)
(iv)=4789-5020=231
(v)=5020-4770=250

Yesterday I wrote

Q

I am not following it as I believe (ii) of c=5136-5378 was an Impulse and cannot be taken as a Corrective. 

UnQ

May be I was  too committed to my WXY count and missed a point here

The c wave from 5500 downwards can be easily counted as:

(i)=5500-5136=364

(ii)=5136-5378 but ending at 5342
(iii)=5342-4789=553[152%of (i) but 221% of (v)]
(iv)=4789-5020=231
(v)=5020-4770=250

And it makes a perfect abc (which I failed to not only see but also acknowledge ---and it was a blunder----- 

I not only accept my blunderous mistake of missing on a bottom but also tender apologies to all my friends who might have missed out this opportunity because of me.

Our labels now stand as follows:

A=4531-5630=1099

B=5630-4770=860

C=4770-  upwards in play

Ideally C=A means a target of 5870

As time taken by A was 45 trading session so C also expected to reach that target in about same time.

Form to be taken by C is either a 5 wave Impulse or Diagonal

Minimum target is 0.62xA=680=5452

On a higher degree( shown in weekly charts) we stand as follows:

Now lets see how this C from 4770 upwards has moved so far---

A word of caution:

If C takes the form of a 5 wave Impulse, reaching 5900 is a probability but if it takes the form of a 3x3x3x3x3 diagonal then it may hardly cross 5630.And this form of C is not clear as yet and therefore betting on Out of Money options  is not advised.

Raghu