For 18-05-2011.

NF break today Range bound in side Chanel movements, but not break 5417 monthly support.
But closed below monthly low Ema.
Below 5417 , there is also few more support exist at 5395 and 5384.
These all are down side major Chanel supports.

A probable EW count in hourly Chart ------

As per this probable EW count, NF can move upside towards 5600.
But have to cross so many resistances, other wise this above count will be invalid.
At first it should move above 5448-5460-5481.
5468-5479 level is the first resistance level.
If NF can stay above 5470 for 30 min. then can go for next.
Most important one hourly bar should close above 5505, then one hourly bar should close above 5525.
Then real up move strength will be back and can go above 5600.
If not any hourly bar not close above these level, then another round of fall can start.

Lets see.......







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