(1) Nifty Chart For 17/07/2009 ::

Nifty :: A Spinning Top/Long Upper Shadow bearish candle at strong 50% retracement level.. Simultaneously H&S neckline of Sensex works as strong resistance.. Now for 17th July watch resistance level 4305/4360/4396, and Support 4140/4107.. It’s mean major breakout level 4400/4480(pivotal high) and breakdown level 4100 in coming day’s.. Till then we see range treading with higher volatility.. Our strategy for 17th July in down swing buy near support with S.L 4100 and sell at high OR if Nifty move up sell near resistance with S.L 4396 and buy in deep.. Resistance for up move at 4292/4305/4340/ 4360/4396.. Supports at 4205/4164/4140/4107..
(As per Elliott Wave count we plot two possibility.. One is Y leg which start from 20th Nov 2008 with W-X-Y may be over near 4693 and retrace minimum 50% of entire Y leg up to 3600 Or second possibility Y still remain and move up with double zigzag A-B-C, B may be over at 3918 and C move up with targeting of 4900 to 5300.. Most probably with all various charts symptoms Y may be over near 4693..In stock market you must think about alternate scenario and be prepare for it ) ..