Nifty Page:15-10-2012

Pre-Market View:
In Friday's Pre-Market view,I had raised a few points:
1.The upmove 5637-5720 being an Impulse:
But by 11.05 AM it had taken shape of a 3 wave form:
5637-5720=83
5720-5664=56
5664-5725=61

2.The close on Daily charts was above 5DMA(5698)
However the close on Friday was below 5DMA(5683)
3.Yesterday's(i.e Thursday's) green candle has made a bullish engulfing pattern which further points to Nifty moving up from here onwards
This would only be negated by a dip below 5637

Otherwise 5/10 DMA bearish cross and other factors are pointing to further weakening in Nifty.

Two price-points have emerged prominently:
5637 on the lower side and 5729 on the upper side.

A breach of 5729 on the upside would open the gates to 5804 in following manner:
SW1=5815-5637=178(3w form)
5815-5666
5666-5729
5729-5637
SW2 in play (as a 3 wave form)
5637-5720
5720-5671(5720-5664;5664-5725;5725-5671)--played out till Fiday EOD
5671--upwards can go upto 5804

And a breach of 5637 on downside would be labelled as follows:
SW1=5815-5666=149
SW2=5666-5729=63
SW3=5729 downwards as a 5w Impulse
5729-5637=92
5637-5725=88
5725--- to do minimum 1.62x92=149=5575

Lets see how it shapes up--my personal inclination is a test of 5575 .

EOD post:
No clarity in pattern is apparent till now and these sideways moves would give only whipsaws to intra-day traders.