Trading Nifty on 06-07-2012

On a higher degree we are labeling waves as:

As mentioned several times before, this C can be a simple 5 wave Impulse or a Diagonal.

As a simple 5 wave Impulse, its likely route would be
C1=4770-5190=420
C2=5190-5041=149
C3=5041+680=5721(taking C to be extended and having 5 subwaves of its own)
sw1=5041--upwards
(i)=5041-5194=153
(ii)=5194-5095=99
(iii)=5095-5345-5365* (likely)
(iv)= down to 5265
(v) up again by 150 points to 5410.

While Friday dt 8.7.12 may see a rise to 5345-5365 levels and then a fall to 5265;
next week may see a rise to 5410 levels and then a retracement of 5041-5410* to 5200 levels again.

The above mentioned route has been influenced by following trendline which is on a larger time-frame and therefore a turn-around(big or small) has to be there from it.

A small corrective [end of (iii) and beginning of (iv)] is expected on Friday as (iii) fractals are being seen as:
5095-5160=65
5160-5126=34
5126-5317=191
5317-5266=51
5266- not above 104 means max 5370
and so far this 5266 upwards has been seen as a 3x3x3x3x3 diagonal:
5266-5317.5=51.5
5317.5-5273=44.5
5273-5333*=60

9.30 AM
The start has been on expected lines.If 5273.35 holds,we may play out the last leg above yesterday's high.
If it does not then we may go down to 5220

10.19 AM

Keep stop loss at day's low.
Target above 5333--add 61 to day's low
11.25 AM
Into longs with target 5349(minimum)
Stop-loss at 5287.
Would revisit on trgger of either.
Bye--till then.

1.52 PM
TSL now at 5300.Target remains at 5349.

one 3 wave form completed but target is still far off--
2.14 PM
Probability of upmove from 5288 as ABC in a form where A plays a diagonal--as shown in chart below, is very high:

2.338 PM
TSL hit.Time to short?

Another tick below 5300 and I would short with SL at 5313.
Target below 5266.

EOD:
So the sell signal (a tick below 5300)was not issued.
It was a day of abc+abc+abc again as shown below:

And where does it fit?
I wrote in the morning:
Q

and so far this 5266 upwards has been seen as a 3x3x3x3x3 diagonal:
5266-5317.5=51.5
5317.5-5273=44.5
5273-5333*=60
UnQ

After today's moves--it gets following form:

5266-5317.5=51.5
5317.5-5273=44.5
5273-5333=60
5333-5288=45 ending at 5300
And the last upmove of the diagonal(60+) remains---

Or should we see it as:

5266-5317.5=51.5
5317.5-5273=44.5
5273-5333=60
5333-5288=45
5388-- upwards which was supposed to do minimum 5349 as a 3 wave form  is still fluid and its form is not yet clear.