Weekly Update for 8 Oct 2012

• As per the Hourly Chart seen above, for me it looks we have still in the 4th wave of the extension wave 5 of the 3 rd wave on the higher degree.
• So, i am still bullish as per above chart.
• But important support need to watch for this week is 5730, if this breaks then we can have support 5640 which invalidate the 5 wave extension as seen in the chart. Then it can assume that we have completed 5 wave of the 3 wave of  the c wave of the B wave on higher degree.
• But if Nifty 5640 breakdown then there have the strong support of the 5550.  
• If Price will not break the 5730 then it is dam sure that we are in the 4 wave of the wave 5 extension. same seen in the chart.
• Wave 4 could be the flat or triangle. mostly triangle as first wave is stiff down movement.
• If this is the same way happen then very difficult to trade in this week. Option will erode all the money for all option series except 5800 CE and PE.  
• Let us see how the prices unfold in the next week.... then we will get more clue to ride on the same.

Happy Trading!!!
Yogi
Yog Money Asha