Nifty Page: 11-10-2012

As specified above,C4 to enter C1 territory(4770-5348) but not go below lows of C2(5033).
And this C4 can be either a zig-zag ,flat or triangle or a combination of these.
Thus a pattern for this C4 cannot be ascertained at this point in time.
And a better guide would be momentum and moving averages.
Early days for C4 so its likely to remain in 5DMA(5713) and 20 DMA(5633).
My advise is to create shorts as we approach 5700 with SL at 5729

First major support, as mentioned in yesterday's post also, exists at brink of 5447-5527 gap

Thus --with a stoploss at 5729,creating shorts for first target of 5580-- would be my strategy .
20 DMA at 5633 is an important hurdle though.

EOD Post:
There are times when I feel that too much TA is not a great idea.
Simple support at 20 DMA and resistance at 5 DMA was enough for a good intra-day trade.
As mentioned in the morning, pattern for this downmove is still to take shape.
5729 remains an important point. If it gets crossed tomorrow morning, then a 3w subwave of the downmove would be considered over.
5815-5666=149
5666-5729=63
5729-5637=92

5 minute charts have shown divergence ---hour charts remain distorted because of the extra-long candle on last Friday: