For 13-05-2011.

Today NF braked its flat movement, and also breached its down side Chanel and got resisted
at another Chanel support.
Now for tomorrow, we have two way, and NF will choose any one.
The nearest Chanel support for tomorrow is at 5470.
NF today ends at Over sold(OS) zone intra-day basis, so we can expect a bounce back.
Now the question is up to where it can go up or it will bounce back only due to OS and again start fall.
I have pointed out two possible EW count (3rd chart).
Now come to the next chart ---



As before we have seen so many times, in any fourth wave a false break out took place.
So this time also it can be a false break out, but it has to prove by its up side movement.
Above is the triangle pattern in hourly chart, where the down side triangle Chanel resistances
are at 5533 - 5547.
So if NF can cross above these resistance, then bulls group can give a fight for few times.

Now come to this below chart ---


Here is the two EW counts, and NF will chose any one.
For both EW count, a bounce back is possible, only difference in up side length.
For the Red EW count, if any bounce back, NF can go up to RSV-line-3 or
RSV-line-2, but will not sustain above RSV-line-3(last line).
The current EOD RSV-line possition is below --

RSV-line-3 -- 5535.
RSV-line-2 -- 5546.

So for Long short trade --
Long above 5519 with SL of 5470.
Or
Long above 5540 with sl of 5535(RSV-line-3).

And if, NF go up above 5535 and 5546 and if it again come down below 5535 and any hourly bar close below RSV-line-3, then
Short with sl of 5570.

I will again post tomorrow The RSV-line chart, when NF will be closer to it...
Trade carefully.........











All levels and charts are for my own trading purpose,supports,resistances and targets. Others can use it for educational purpose.