Nifty Page: 07-01-2013(EOD)

Yesterday I had illustrated how a small degree Impulse was on the verge of completeing a 5w form by the following chart:

And today with the open itself this 5w form got completed and its retracement started in following manner:

Now as per Fib retracement guidelines,this 5w Impulse 5864-6042=178 can retrace 23.6% to 88.6% as a 3w form but 50% & 61.8% are most common.
50% retracement=5953

And I wish to add another dimention to this illustration.

Previous Impulse 5548-5965 top and Corrective were both foggy.
While I prefer to see it in following manner(wherein fresh Impulse started from 5864 upwards):

:one can also argue about the Corrective ending at 5843 with a failed C (which could not go below the lows of A at 5823) in following manner:

And in that case the downmove started today morning would be considered (iv) subwave in following manner:

And if it indeed is a (iv) subwave that it would not be deep( as (ii) was quite deep) and should have turned out to be a complex & grinding subwave.But today's closing hour's price action was quite sharp and looked like a subwave 2 instead of a subwave 4.

So my preference would be to treat it as a Corrective to small degree Impulse 5864-6042=178 with most likely form of a zig-zag and targets of 5953(50% retracement) to  5932(61.8% retracement)

Now lets bring in some TLs & channels also to look at probable support levels:

This also shows TL support in 5940-50 range.

Hour Chart:

AP tool also shows first median at 5940, second one though points to sub-5900:

And based upon all the above I would give a first target of 5940 and then based upon the form taken to reach 5940,we would be able to say further.

And this Daily Chart also needs our attentionL