Trading Nifty on 17-07-2012

Yesterday's closing Chart was:

And it offers a very good trade set-up today if seen alongwith global clues. If we open above 5217 treat the gap-up opening as C4.a=5091-5225*(likely) and wait for it to complete a 3 wave zig-zag(most likely as C2 was a Flat) and then Short near 5240 with stop loss at 5245.85 for a drop upto minimum 5185
Trendline shown in the following chart is likely to be a good point to short:

10.45 AM
A grinding day ahead wherein I expect the price to oscillate in 5210-5240 range in following manner:

11.50 AM

1.40PM
Was out of scene for some time C4 has to be a 3 wave Corrective---and I was looking at it to be a zig-zag but its form has not yet been manifested---zz seems to be ruled out--

2.17PM

2.45 PM
Minimum target for C has been reached but wave-forms in this last leg are not clear.
So again falling back on TLs

3.04PM

3.25 PM
Ideally speaking--we should see 5173 before upmove---in following manner---though by going below 5186,one degree higher counts have been satisfied---

In the above chart C has done more than 0.62*A but C is capable of doing upto 1.617*A and please do not play OTM longs because the daily charts are very bearish and the C mentioned above may only be C1=5267.1-5181.7*=85.4
C2 may go up to say 61.8% of C1=5235
C3 may come down again----

C can be said to be over when we tick above 5267.1----

Thus it will become a "buy on dips" market only above 5267.1.
Till then better to "sell at rise" with SL at 5267.15

But the Hour Charts and Price-RSI divergence shows that tomorrow we may move up==