nifty for 02 jan 2009...

yday nifty went upto fibo lvl 3040 where some reaction was expected after crossing gap 3017-27.

today the resistance lvl is 3072 on sloping trendline on upper side and above that the previous high of 3110 which may act as a significant resistance.

30 dec 2008...

the bounce yday came from somewhere near expected lvls near 2800, it was quite sharp and fast as well, if its only a bounce then further lvls to watch on upperside(fibo ret) are 2962/2997(3002). above that if crosses then a gap is there around 3017-3027.

update on my ew analysis...

bounce may come near 2800 or on the trendline as shown by the ellipse on the chart.

any pullback above 3110 or toward 3240 means sub wave 5 of C-4 going on and wave counting will have to be revised.

at the moment it looks like 5 subwaves of C of C-4 are over at 3110 and C-5 down has begun.

C-5 has tgts 2200/2000/1670.

C-5 confirmation will be trading below trendline and below 2502.