Nifty Page: 20-03-2013(EOD)

Yesterday I had posted a harmonics chart,pegging the downmove at 5696-- and mentioned that a positive divergence around 5700 level would call for going long with stop-loss at 5663.
However Yesterday's chart had a small flaw:

Instead of above, it should have been:

But today no positive divergence was visible as we continued to drift lower than 5699.

Next levels were illustrated by following two charts:
Yesterday's chart:

Today's Update:

And :
Yesterday's Chart:

Today's Update:

And lets have a close look at MACD 5.34,5 and RSI-14 on Hour chart to look for weakness:

Last four Hour candles and corresponding MACD-RSI indications looked divergent to me and the pin-ball candle at low led me to initiate long position at 3.00PM in small quantity-- with target illustrated in channels in following chart and Stop-loss at today's low=5682

I would not call the longs created today as positional longs (which would have been for targets 5971+ and if the above channels get breached then would be creating fresh longs for those targets) because as per Harmonics if 0.886 gets breached then 1.13 and 1.27 become the next targets and so 5664 seems to have come under threat as 5699(0.886) got breached:

Otherwise also if today's low gets breached we get exposed to following channel:

Too many charts today--- with the purpose of better illustration. Hope I have not bored many of you.