Nifty Page: EOD 9.11.2012

Today's downmove was easily anticipated and by going below 5679,it has confirmed that the upmove 5583-5776 was indeed a 3 wave zig-zag.
And that zig-zag was followed by 5776-5677* downmove which as of now looks like a zig-zag again:

However if this downmove continues on Monday too and goes below 5635 then we will have to understand that an intermediate top has  been formed at 5776:

Otherwise going by " Deepawali factor" and the resilience shown by our markets--and it remains my preferred view also--- that we are in for a Double zig-zag WXY where W and X have got played and Y remains to be played and is likely to take us above 5815-----

And therefore on a higher degree,we would appear like this:

But let me repeat,if we go below 5635 then we would appear as below:

and the target in that case would be 5525