Trading Nifty on 19-06-2011

Though we fell today and I got  profit from my shorts but before falling Nifty did certain "things" which has made me lose my Counts---
1.As a Prechter follower, I take an irregular flat(an expanded one) to do maximum C=165%of A.
However,here we have done:
A=4789-5020=231
B=5020-4770=250(108%)
C=4770-5190=420(182%)

Though there are a few who tell me that if B does 90-105% of A then C does maximum 161.8% of A; and  if B does 105-138% of A then C can do upto 261.8% of A but I have my doubts----


2.The upmove from 4770-5190* was a 5 wave which was being seen as:
(i)=4770-4898=128;
(ii)=4898-4848=50;
(iii)=4848-5059=211;
(iv)=5059-4994=65
(v)=4994--upwards was being seen as a diagonal wherein:
sw1=4994-5124=130
sw2=5124-5017=107
sw3=5017-5144=127
sw4=5144-5047=97
sw5=5047-5190=143

Now this (v) does not qualify as a diagonal as in a diagonal either sw1<sw3<sw5 or sw1>sw3>sw5


So above fractals for the upmove are not valid.


Thus when I see this upmove as:

(i)=4770-4898=128;
(ii)=4898-4848=50;
(iii)=4848-5059=211;
(iv)=5059-4994=65
(v)=4994-5190=196 it look acceptable but within (v) I have some issues which make me feel that (v) is still not settled


And so I would like to have some more price-action before putting forth my Counts---


1.30 PM
Impulse 5190-5041 is getting retraced.
Not likely to go above 5120.
Either as abc

Or may be already over as wxy

Breach of 5069 would mean retracement over.


1.45 PM
5069 breached.
All rises should be used for shorting.
SL for shorts at day's high

Target -1 is 4990

3.15 PM
Suspense again:
Trendline should have sustained:

And that means retracement not over as yet


The following channel should contain the retracement:

Pattern of the retracement could not be understood.
Percentage-wise 61.8% retracement means 5133