Nifty Page: EOD 01-11-2012

I had mentioned yesterday the importance of 5642 --- not only was it 34hr ema but also an important EW level. Now that 5642 is breached, a rise to 5690 is almost imminent but before that a fall again to (5583-5650=67)x0.62=42=5608 will happen as a rising wedge and negative divergence has got formed on 5 min charts :

EW labels -- my preferred ones-- are as follows:

sw1=5815-5637=178

sw2=5637-5722=85

sw3 in progress

(i)=5722-5583=139(a diagonal)

5722-5658=64

5658-5717=59

5717-5642=75

5642-5689=47

5689-5583=106

(ii)=5583-5650* in progress

a=5583-5650=67

b=5650--5608 (expected)

c=5608-5690+(expected)

The abovementioned "a" is seen by me as a 5 wave form in following way:

And why do I say 5690+?

Primarily because the end of 5th subwave of (i)=5689-5583 would be announced only when we go above 5689.

Alternatively,(ii) may be seen as over as following abc:

And in that case a fast and furious fall should take place tomorrow as sw3(iii) --- and not remain limited to 5608 as proposed in my preferred counts.