EOD 14th March

2nd Day Camarilla Update

We kept out stop loss at 5463 , but squared off at 5457 ..based on EW . We did go to 5438 for the day and completed 5 waves there as wave 1=68 points .
1  5499-5470
2 5470-5485
3 5485-5440
4 5440-5457
5 5457-5438

and  breaking 5457 to upside was confirming an abc retracement of fall from 5499 .
Continunning with EWcounts ...
this is one possibility

a  5438-5470 ( as zigzag)
b 5470- 5446 ( extended flat)
c to up going on can do =a = 32 which comes to 5478 lvls , which is also close to  61.8 %(5476) of fall from 5499 to 5438 ...If this count is valid then one can sell there .
Invalidation : If we go below 5438 now without touching this 5476 lvls then this above count is invalidated .
Now if we go below 5438 then we have done abc at 5470 and are in 5 waves down as Wave 3 of this move from 5499 .
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Conclusion based on MA ,

5 Day ema is at 5389 and close above , will keep the trend up also to note is closing above day high ema at 5428 keep the momentum up as well .
 All in all Trend is UP hour wise , Day wise , Week wise and month wise .
no weakness in momentum .
The gap from 5430 to today opening at 5491 is also Not filled fully , we retraced to 5438 leaving 8 points .

Camarilla Update for 14th March

Stock name	Nifty	13th March 2012
Open	5,391.05
High	5,438.65
Low	5,391.05
Close	5,430.00
HL5	5477.944	Immediate upside target after Break Out	Immediate lower target after Break Out	LL5	5,382
HL4	5456.199	Break Out on the Upper Side	Break Out on the Lower Side	LL4	5,404
HL3	5443.099	Go Long above these	Go Short Below These	LL3	5,417

We open at 5491 which is above H4 (  even H5)

Scenario 4: Open price is above H4
-
-
To enter long position (i.e. To Buy)
o NA. Buying is not suggested in such scenarios.
To enter short position (i.e. To Sell)
o Wait for the price to go below H3. As soon as the price moves below H3, sell
or go short.
o Stoploss should be placed when price moves above (H4+H3)/2.
o Targets : Target1 = L1, Target2 = L2, Target3 = L3.

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So we wait for the prices to go below 5443 and then short there .That is good 30 points below the current level 5473.
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Updated at 11:45
So prices break 5443 and our sell generates with a 20 points SL at 5463 .