Nifty Page : EOD 2-11-2012

While a breach of 5642 was mentioned as an important point which would make Nifty's move to above 5690 imminent, an Impulsive wave for this upmove was the second preference.
My preferred Counts projected a 3 wave upmove from 5583 (and I had mentioned it in yesterday's EOD post also) to 5690+
But this upmove 5583-5711* has progressed as an Impulse:

And that has brought into focus the following pattern:

a=5815-5637

b=5637-5722

c=5722-5583

And now the most important point is 5722.
If 5722 is breached then going above 5815 would become almost a certainty but that would definitely not mean that we can not come below 5583 in November.
We may go above 5815 as a Flat ABC wherein
A(3 wave)=5815-5583=232
B(3wave) in play wherein
a=5583-5711*
b=downwards upto5650
c=upwards again to breach 5815
C= Impulse to come down again.

However the above Probability would come into play only when 5722 is breached.

Till then our current preferred Counts wherein:
sw1=5815-5637
sw2=5637-5722
sw3 in play:
(i)=5722-5583
(ii)a=5583-5711*
(ii)b=5711-5635(expected)
(ii)c=5635- up again but not above 5722
remain valid

And who knows the evening star may be in the making in Daily charts: