Jackpot Trade No.4

Another Jackpot trade is looming large.
And this time it relates to Nifty.
As I have mentioned elsewhere,my three main criterion for Jackpot Trade initiation are:
Elliot Wave Pattern;
Trendline/Channels;
Divergence.

On these three Counts the Nifty is inviting me to initiate trade on the short side:
EW pattern on Daily charts alongwith Channel test and overbought RSI is depicted below:

And the Hour chart is showing a clear negative divergence:

Then what is the best point to initiate shorts and what would be the stop-loss and targets ??:

The bearish cross on the Hour chart MACD(5,34,5) would be the point to go short with the  Nifty top being the Stop-loss.

And the target??
As I am treating this upmove from 4770 as a Diagonal-3x3x3x3x3--so C4 has to enter C1:
C1=4770-5348=578
C2=5348-5033=315
C3=5033-5720*=687 so far
C4= to come below 5348---  and therefore a jackpot of 400 points is waiting on the short side.
Update:

After showing initial promise---went down from 5720 to 5639 giving us not only MACD5,34,5 bearish cross and 5/10 ema bearish cross on Hour chart and but also closed below 34 Hr.ema --- failed to transmit the weakness to Daily charts and bounced up from 5DMA to breach our stop-loss at 5721.

Lets wait for fresh set of opportunity.