Nifty Page: 05-06-2013(EOD)

My yesterday's post:

So has the Wolfe wave got activated??
Guideline says that once it crosses the line joining 1 & 3  upwards,it should be considered activated. My experience says trading above point 3 is a better confirmation of Wolfe-wave's activation.
Point 3 lies at 5937.xx and today's high(5935.05) didnot breach it but in today's price-action was a very clear indicarion of fatigue(in downmove) but which didnot give confirmationof an intermediate bottom being formed at today's low.
At lowest degree, following Harmonic patterns can be drawn:

Tomorrow we may see this XABCD pattern getting transformed into a Butterfly:

OR may be a SHARK

OR a weak opening may see us developing into a BAT in following manner:

All the above patterns are based on the premise that tomorrow's price-action would hold 5884 on the downside.

However if 5884 gets breached then we may see:

Either a small downmove to 5870 to form a SHARK:

OR a full fledged CD=AB meaning 5838

The purpose of such a detailed illustration is to show how breach of one threshold opens up fresh probabilities.

Thus important level to watch tomorrow is 5937 whose breach upwards would open doors for 5976 & 6040.

AND 5884 whose breach downwards would open doors to 5870 & 5838