Nifty Page: 07-05-2013(EOD)

After intraday updates (please see link Intra-day Updates on Facebook) I am wondering what to write?

Proceeding from yesterday post wherein I had mentioned clearly
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In Hour Charts also the palpable tiredness of Monday morning (manifested by trendline break after discernible negative divergence) has  been negated as 5/10 Hr EMA bearish cross-over got converted into bullish cross-over
UnQ

And mentioned that if 6008 breaks then 6030 & 6043 are next targets with following chart as illustration:

So today as we traded in 6030-6043 zone, it looked like a shorting zone with price pattern SHARK giving optimum level and Hour chart showing divergence with Daily RSI-14 nearing overbought zone.

But the price action was not showing any fatigue whatsoever and a look at Daily charts with Trendline joining 6339 & 6112 looked very close and the good old wolfe wave and SHARK pattern maximum at BC=1.618*AB hinting at 6073 levels, it appeared prudent to wait before shorting..

This breach of 6040 at higher degree however denotes something more bullish:

So tomorrow's price action assumes significance from this angle. If we trade and close above 6040 then we may be marching not only towards 6195 but towards 6574

I say this because a march to 6195 would mean that even at a still higher level,we would be forming a SHARK instead of BAT

This shows how significant breach of one threshold can become.

Today's price-action has given an indication of higher level move and breach of trendline joining 6339-6112 would confirm it.