Trading Nifty on 15-06-2012

While broad outlook is summarised by yesterday's EOD chart:

5017 remains an important point as the probability of (v) as a diagonal remains alive till we are above 5017(this too was mentioned yesterday)

And if it happens,i.e. (v) does fan out as diagonal, it would be a very clear signal that RBI policy would be disappointing and  markets would fall Monday onwards--


9.30 AM
Getting inclined towards a diagonal:

3.15 PM
Back. was out for some urgent work.
It is gratifying to note the diagonal taking shape.
Now the question remains--will it cross 5151 because theoretically it can go upto 5047+127=5174

EOD:
Is it a coincidence that 5151 remains untested?
or is it an indicater of things to come---
My chart study says we are going down from Monday onwards--if we breach 5151 on Monday morning before start of downslide,then the downslide may remain restricted to 4900.
If we donot breach 5151 and downslide begins,we shall go below 4770.
Whether RBI policy or Greek results --- I donot know--but wish to reproduce what Frost & Prechter have written:
"Sometimes the market appears to reflect outside conditions and events,but at other times it is entirely detached from what most people assume are causal conditions. The reason is that the market has a law of its own.It is not propelled by the external causality to which one becomes accustomed in the everyday experiences of life. The path of prices is NOT a product of news. Nor is the market the cyclically rhythmatic machine that some declare it to be.Its movement reflects a repetition of forms that is independent both of presumed causal events and of periodicity"
(p 21)