update on my ew...

note: in the post 'general roadmap for nifty' below i had given x wave on daily chart. it is to be noted that the connecting x wave (after the c of first zigzag abc completion after the 5th impulse) cannot go beyond 5630 and may be even less than 5630.

if this happens to cross 5630 then its not an x wave and can become a larger B of a probable larger flat/sideways pattern (whose first leg is a zig zag, after the 5th impulse) .

now nifty is above 50 dma and also above the sloping channel but it must close above two imp resistances of 4970 and 5020 for upmove upto 5140.

on monday it is likely to open gap up and there are chances of nifty closing above 5020.