Trading Nifty on 09-07-2012

Starting from Friday's labels:
A=4531-5630
B=5630-4770
C =4770 upwards in play:
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- upwards in play
5095-5160=65
5160-5126=34
5126-5317=191
5317-5266=51
5266-5333*


Now the question is :
Is this (iii) over at 5333 and (iv) begun


And to answer that we have to look into this last wave 5266-5333*
it had looked like a 3x3x3x3x3 diagonal in foloowing manner:

and the last subwave from 5287.8 was supposed to go up by more than 60 points---5349--- to conform to a sw5>sw>sw1 diagonal.

Today if we tick below 5287.8--that would be the first indication of (iii) being over at 5333 and (iv) in play.
This (iv) is likely to retrace (iii) by 38.2% so most likely level for it would be--5242
Pl take help of trendlines also to find other support levels for this (iv)
9.25 AM

12.10 PM

12.35:
My first trade set up:
Go long above 5277.3 with SL at day's low target 5350(min)

2.55 PM
Possiblity of going below day's low are high as the upmove from 5258 has taken form of a flat:

Longs advised to be retained only above 5280


EOD:
To update the Counts mentioned at Beginning of the day:
A=4531-5630
B=5630-4770
C =4770 upwards in play:
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)=5095-5333
5095-5160=65
5160-5126=34
5126-5317=191
5317-5266=51 
5266-5333=67
(iv)=5333-5258*  and though one Probablity mentioned above takes into consideration that (iv) ended at 5258 but if we go below 5254 then (iv) will continue for some more time.


Raghu