EOD 14thAugust2012

EOD 14th August

First thing I notice is the  -ve divergence in hour and day charts ...
Day chart .

 Hour Chart .

Close Price :5380.35
With this
Hour trend is Up , Day Trend is Up with momentum
HHema ( 5378)
DHema ( 5354)

One should wait for the -ve divergence to play out , as we closed above high emas.
Hour Channels

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Intraday 14-8-12
from 5294 looks like 5 wave up .
w1 5294-5330=36
w2 as flat
a 5330-5311=19
b 5311-5330=19
c 5330-5309=21
w3 =47
i 5309-5326=17
ii 5326-5316=10
iii 5316-5352=36
iv 5352-5337=15
v 5337-5356=19
w4
5356-5330=26
w5 is on
5330-5387=57

Looks like w5 is done at 5387 and now retracement of move from 5294-5387 is on Provided 5387 is not broken .