Nifty Page: 28-02-2013(EOD)

Morning started perfectly as we breached 5836 upwards but remained limited below 5878--- giving philip to our labels of C ending as an ED:
Yesterday's Chart:

And morning channel was easy to draw:

And going strictly by Elliot Wave pattern,we should have gone like this:

But ,as my friend Deepak Sakhia says, its not Elliot who runs the markets--- so we have to simultaneously watch channels and key thresholds to catch market direction:

So first the upward channel breach and then breach of 5792 (as shown in chart above) was indication that C4 had ended at 5848--

But at EOD I can not term the move 5971-5674 as an Ending Diagonal(as was thought till middle of the day)because in Ending Diagonal either sw1>sw3>sw5 or sw1<sw3<sw5  so in current scenario sw5 should have been less than 130 and so downmove should have been restricted to 5848-130=5718

So I wd keep labelling in abeyance and concentrate on abovementioned channel,hammer and positive divergence.
Daily Charts:

 In view of the channel supports and RSI-14 moving into oversold zone, I am looking forward to a bounce next week.