Nifty Page: 14-09-2012

So the Fed announcement does its bit and global sentiment has become very positive.
Domestically,unexpected Diesel /LPG price hike etc would start the talk of government now turning "bold" and the talk of FDI into various sectors would become more vociferous--

And what do our charts say----???
Yesterday EOD I had wrtten:
Q
EOD 
Normally a chart like this calls for shorts:

But not today as it happens to be big news day. Conclusion is that the upward  momentum is losing pace vis-a-vis the rising trendline and if Fed announcement doesnot not give it enough strength, a retracement might have already started.A gap-up or a gap-down is likely but I am on the fence.

UnQ

And the fillip that the global sentiment has got today would put the price action back into the channel:

And it brings into focus our Daily chart wherein three important resistance lines are depicted:

The black TL is at 5505 and quite likely to be tested today.

And where does that put our EW labels?? 

And therefore 5530 is very much on the cards today.
I have deliberately named these waves as sw1,sw2,sw3 and not as 1,2,3,4,5 or ABC as the actual lengths taken by them only shall determine our final labels. Till then,these are "guesstimates" .However,if 5530 is tested as depicted above,then crossing of previous high of 5630 is certain within this series.
 
And it would be proper to put in the Higher degree perspective also:

EOD

I wd have loved to see Nifty testing 5590:

Now we have C3 (supposed to be a 3 wave form) having done:
(i)=5033-5448=415
(ii)=5448-5216=232
(iii)=5216-5586*=370(90% of (i)
5216-5375=159
5375-5333=42
5333-5586=253---159% less than 162% so cannot be called extended.
So Monday may see an opening above 5590 to complete this extension 
and then a downmove as sw4 of this (iii)---

Daily charts:

Two resistances breached.
One remains--- whether that'll be tested straight away or after a breather ????
My guess is as good as yours---