Nifty Page:5.9.12

Pre-Market:
While the short term trend remains down,yesterday's last hour upmove indicates the setting in of a retracement---indicated more clearly by the trendline breach and bullish MACD cross in Hour charts.

Daily Chart:

Hour Charts:

5 minute Chart:

B(c)1=5234-5277=43
B(c)2=5277-5258*
Now it remains to be seen if B(c)2 was finished at 5258 or still in play as
a=5277-5258=19
b=5258-5278*=20
c still to play out---can go upto 5247
And then B(c)3 upwards would start--

On the occasion of Teachers' Day, I pay my  respects to my Guru Shri Baluji @ Wave Rider:

"Sab dharti kagaj karu, lekhni sab banray

Saat samunder ki masi karu, gurugun likha na jaaye"

सब धरती कागज करूँ, लेखनी सब बनराय

सात समुंदर की मसि करूँ, गुरुगुण लिखा न जाय

Even if the whole earth is transformed into paper with all the big trees made into pens and if the entire water in the seven oceans are transformed into writing ink, even then the glories of the Guru cannot be written. So much is the greatness of the Guru.

EOD:

Bad day in trade.

The upwards retracement indicated by Hour charts failed to take shape.

And the downmove continues----

While an Important Trendline is getting tested but MACD histogram bar for the day  didnot show any diminishing,indicating that momentum downwards is not only intact but increasing.

Daily charts:

Not attempting EW labels as the downmove from 5343 has become quite complex and its fluidity is not allowing me to assign a discernible pattern to it.
However,a falling wedge seems to be developing in Hour charts--may be C is taking shape as a Diagonal---or is it only C1 that is shaping up as a Leading Diagonal???