Nifty upmove to fizzle out at 5832

Yesterday's close of Nifty was 5664, quite close to the target predicted in my earlier post "Nifty to go down to 5660".
Nifty is on a downward journey since the last week of Jan 2013.
The third leg of this move [wave 3 or C] is currently in progress.
The endpoint of 1st leg can be debatable.Hence I have marked those points with a question mark.
But there is no doubt about the endpoint of 2nd leg.
The third leg [an impulse] has started from around 20th Feb 2013.
Waves (i),(ii) and (iii) are completed and currently the (iv) wave is in progress.

Right click on chart and click on view image for magnification
Nifty 4 hourly chart
 

This wave (iv) will not enter the territory of wave (1)[endpoint of wave (1) shown by a red arrow in the second chart].


 
Right click on chart and click on view image for magnification
Nifty 4 hourly chart  

It means that this upmove which has started from 1st Mar 2013 is unlikely to breach the level of 5832 
[shown by the red horizontal line] on a closing basis.
In case it closes above 5832,this Elliott count will need to be revised.
So this is not a time to go long.
After this upmove of wave (iv) is over, wave (v) in the downward direction will commence.

Disclaimer: The views given in this blog are for educational purposes only. Readers should exercise personal discretion and take expert advice before taking any action in the stock market.The author of this blog is not responsible for any losses which anyone might incur in the stock market by acting on these views.