Nifty Page : 21-11-2012

Pre-Market View:

Guiding channel currently is:

And it might get breached on the upside at the opening itself.
Resistance would be at
34 Hr EMA=5609
50DMA=5637
20DMA=5666

If we are able to close above the red TL shown in following chart:

we would be heading to touch the Median line shown in the following chart:

EW pattern for the downmove 5777-5548 is still fluid and it would not be prudent to mention various probable patterns at this point in time. May be by EOD,some more convincing/discernible pattern would emerge.
Lets have a look at Daily chart:
Resting at crucial TL
.

EOD POST:

Lets view all the above charts(as they stand at EOD):

34 Hr.EMA line has been conquered on closing basis and we are testing another Trendline which defines the UTL of the downmove from 5777.

Bouncing off the crucial long term TL(4770-5032-5216---5548) and hourly oversold zone,testing the median line looks quite probable.

50DMA at 5642 looks like the next stop:

EW wise some of my friends are labeling the downmove as under----

sw1=5777-5694=83

sw2=5694-5752=58

sw3=5752-5550=202

sw4=5550-5620*  as a Flat wherein

a=5550-5613

b=5613-5548

c=5548-5620

sw5 to start now and do 83 points=sw1

However I am not adhering to these labels(and I may very well be wrong) as momentum indicaters are not supportive. Also the fractals of sw3=5752-5550=202 are also questionable as

5752-5678=74

5678-5718=40

5718-5603=115(155%)

5603-5651=48

5651-5550=101

none of the subwaves are extended and therefore these fractals may be part of some other pattern which the developing wave is hiding in its sleeve.