sorry for being absent for long time,I was under preparation of being demobilized from Kuwait. Reliance is trading in a symmetrical triangle since june 09. On breaking the rsi support the stock can trade down to 850 level, not a good sign for market. The MA 200/50 pair is showing neg: cross over.

nifty_EW follow up It seems like c5 started and will end up soon but must be in a corrective pattern. We may see 5400 before expiry. Earlier 4952 (c of C4 = 1.618 of “a” of C4 comes 5342 – 240x1.618= 4952 ) & now both way crossing the channel is the negation points for this count. ie: it should not go, below 4984 and above the top trend line for completing c5.. say B. Let me recite some part of my lessons yah.. there is no absolute in EW but only alternates.. several radically different counts are possible from a same price action…

Nifty an EW perspective _my view I suppose that we are in C of larger B and C is forming up as an Ending Diagonal consisting all 3’s. We are at the end of C4 now, may target somewhere 4950. C5 as it says, ED will end below the converging top Trend line may end up some where near 5460,befor the great fall. Hence B was trading nearly 22 days C MUST COMPLETE BEFORE 27 MAY (219 trading days). Expiry could be near 5400 area. Take the all above as a learner’s perspective only. C2a was a sharp pattern. C3 doesn’t look like a corrective But it says we must expect deviation from the basic text book models.

Market is in a crucial juncture as we approched top with bullish bias. On crossing the resistane 5311 _5330 nifty can target 5370_5445. Where as on breaking the support 5170 can come down to wedge bottom 5050.

test _ for charts not uploading sensex _weekly chart

Monthly out Look On crossing the resistance 5256 nifty can reach 5455 and 5540 Support 5170 weekly outlook 5256 & 5287 Tomorrow 5170 & 5150 res:5211