Further to the last post , EW Probabilities in Long Term and an Update for Short Term trading is given below . Read the observations given in the charts carefully .
The Long term counts since Nov 2010 can be labelled as Double Three corrective combination of a Double Zigzag (W ) , Expanded Flat (X) and now in Y . This suggests a bear market near an end which can break upwards .
Alternatively we can take the double zigzag as a wave A and now in B moving sideways to break down in a C.
The first probability is in line with Monthly chart counts in last post . Keep an eye on the Trendlines for a breakout later.
Below is a Daily chart since the end of DZZ showing both the probabilities.
Now for the Short term trading -
A three wave upmove in A-B-C since recent low of 4770 seems to be over. The price have broken the uptrendline and look ripe for further downside positionally as per the indicator and counts, if the high of 5349 holds in place.
The Hourly chart gives the C wave move since 5095 in five subwaves that seems to be over at recent Top of 5349 . It was associated with negative diversion in Hourly MACD and Daily indicators too ,so has a potential to move further down if not invalidated by a cross of recent high .
The double bottom along with positive diversion may give a bounce next week if the level of 5215 holds. There is a Gap to be filled up as well as down which may be potential Resistance and Support zone.
The 5 min chart shows a five wave move down which also supports a retrace up if the last session low holds early next week.
Concluding , it looks like a Sell on Rise market positionally in the short term trading with a stoploss of 5350 . Breaking below the 20dma and last low we may move to 5150 and further down too. But on a cross of 5350 the levels of 5380-5420 ( near the long term Trendline ) are possible