Nifty Page:22-10-2012

Pre-Market View:
In my previous EOD post , I had "deducted" that:
SW1=5815-5637=178
SW2=5637-5722
SW3 in play from 5722 downwards ----and the length of this SW3 is going to define the future pattern.

And to put the larger perspective(or higher degree Count) in focus again:

Now it is this C4.A that we have been tracking and the length of SW3 (from 5722 downwards) is going to define its pattern.
So far this SW3 is being seen as having done:
(i)=5722-5660=62
(ii)=5660-5684*

A gap-down to below 5660 would mean (iii) in play and likely to take us to 1.62x62=100 points= 5590

EOD post:
The negative bias fizzled out within no time and the frustrating sideways move between 5635-5730 continued. As this sideways move is a combination of various corrective forms like zig-zags and flats,its very difficult to figure out a traction within it and trade.
Yesterday I had tried to label it as ABC in following manner:

And continuing on the same lines I can label it as WXY in following way

But such labelling attempts are not very useful as lack of traction makes them non-tradable.

Daily chart :

Bullish engulfing visible but will it be able to break the sideways move in 5635-5730 range--?
In view of expiry,looks difficult.