niftycounts

Nifty is in bear cycle as 4th leg that is expected to be a bigger triangle sideways pattern of which A leg started in Jan 2008 & 3rd leg was completed by October 2008 at 2252 leg
Now I read an article by Chairaman of EWI that 1st wave started at 2252 finished at 3240
But since the structure of 1st leg of B remains unclear,
A leg -3rd leg was extended leg (extending 2 times of 1st leg below the bottom of 2nd leg) has resulted in orthodox 5th leg measuring about 75% of 4th leg that is 30% of 3rd leg
Hence B leg has started from 2539

Wave count shows the top of c of B is in place at 5182 & C leg downward pattern is progress has so far formed an extended flat , a-5182-4538, b 4538-5310(extended) & now we are on c of C
C 1st wave has met the requirements of Fibonacci within itself ending at 4675
C 2nd wave can retrace up to 4993 as of fall 50% then go down to 4357 complete the bear flag then follow the remaining legs & targets

Alternative wave count
In diametric set up as we are witnessing in B sideways normally retracements are 61.8%
B is likely to have 7 legs formation a,b,c,d,e,f & g (now g is on) impulse wave c is 59% of a & e is 61% of c with that expect g to be 5130-5146

Nifty is forming 1st leg of (c) fall from 5310-4675=636 rounded was a leg & now in b that can retrace upto 50%-61.8% of fall hence projected at 4993 /5068
It has achieved 41% at 4930
Now if it is forming f of diamteric then it will go upto 5130-5145 or even upto 5175(that can form another pattern)
One important point is if this should be the reversal wave it will have internal 3 leg formation even though it may have 5 legs each of 3 legs (Type-1)

As on 25th Feb 2010
Nifty has formed a small period of parallel channel for last 2 days today also it is traveling within this channel spanning 4878-4838 normally it tries to gives false impression of breaking as it has done today by going up to 4880 then later on 3835 but bounced from both levels again

There is some big move in the offing now be prepared other indicators/oscillators will give give hint of direction while it is tossing between these to levels

we will follow our parameters that were set before go long if breaks & closes above 4910 & go short if breaks& closes below 4825

The clue is breaking with higher volume

breaking below 4825 1st support is at 4787 below that lower side targets are 4730-4739 below that 4630-4606
Breaking above target is 5060 & there after 5130-5145 &above that around 5175 ( good place to short around 5200)

Stargetgy:
wait for break out then play for 4630-4606 on lower side & 5060 on the upside thereafter only we will decide further as it pans out