As i have indicated in my earlier posting that the wave patern indicated by me would be negated if nifty moves above 5700. The reason being the wave-4 should in no case move into the region of wave-1. Considering this, i have to change both the higher wave and lower wave structure. I have thought of different alternatives and it is only in formation of the triangle be it contracting triangle or the expanding triangle the wave-4 moves into the area of wave-1. In the present case it appears that we are forming an expanding triangle which is indicated in the chart below. it appaers that we have compleated wave-3 and might have compleated nearly 60% of the wave-4 and after completion of which the wave-5 would start and i happens to be the most distructive of the all and the longest of the all. The targets etc., would be furnished in my comming weekly updates. This is the best alternative which i can see in the current schenario. The same pattern has formed between jan to may 2004 and the market has tanked in may 2004. so we have to see whether the same would be repeated or not. so just wait and watch. the current wave has all chances of seeing 5900-5950 levels. so another 100 to 150 points from current levels.
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