The rally is now showing some signs of exhaustion in short term . Indicator diversions , candlestick formations , Pattern , Trendlines and Options data along with EW count probability are suggesting that a correction may set in.
The last comment Eod 04-10-12 suggested that of an EW probability of short term top arriving soon . Now further to it-
The 'freak ' trade in Nifty Spot in last session has skewed its charts and indicators. Below are the Nifty Futures charts along with comments but the values mentioned are for Nifty Spot.
1. Weekly Chart :
2. Daily Chart:
3. Hourly Chart:
4. Options Data:
5. Fibonacci Retrace:
So a probability that a short term top is in at 5815 is strong. The above counts invalidates on cross of it. The likely immediate targets below are apprx. 5630-5520.
In case we move above 5815 then apprx. 5870 ( C=A) and 6000 ( wave3=1.68Xwave 1) are likely targets.