Nifty Future -- 01-Nov-10 -- EOD.

Today after gap up opening and after 11.30 am, I was expecting that, Nifty future definitely go above 6200 level.
But after 2.00 pm it was not showing any strength, but at the same time and from starting also open interest was giving huge support.

Possibilities are ---

1. In 1M,5M,15M chart, it is clearly visible that it is a 1-5 wave unfolding, but currently 4th unfolding or completed.
That is why, I suggested to come out from longs. Only small last fifth wave left, which can go up to 6178 to 6188. I am not sure that whether it will unfold or completed.
And Large "C" will start unfolding.

In second chart(1M chart), it is clearly visible that, NF breached three times 200 Min EMA in last trading and came up. When ever this type of behavior took place, finally it breaks the 200 EMA and go down deeply. Now it is at about to break.

So, we can short Nifty future from 6178 to 6188 level with placing SL at 6200 or 6210 level.
More conservatively we can short Nifty future, If and when Nifty future break Tomorrows NF Pivot point which is at 6138.16 level, or break of 6129 level( 7 EMA-Hourly) or break of 6125 level tomorrow.
My down side first target is at 6038 and second target is at 5945.

2. In daily chart, the last Parabolic SAR is at 6196 level. Tomorrow if Nifty future can cross it and stay above 6200 with volume, Then only it will go farther up, and that time we will have to understand that, 1 to 5 wave not completed and currently we are in any 3rd wave.
I will post up side target if only Nifty future will stay and sustain above 6200 level tomorrow.