FRIENDS, IT'S A BREAKOUT: VIEWS FOR 05-05-2009

Absolutely mind blowing move and a perfect example of bull power at it's very best. I was not really expecting to cross the 3540-70 hurdle so effortlessly. Though a gap up on the opening bell saved us from shorting because of some meaningful levels. Arguing about the current trend I asserted on the 27th of April that we will try to short near 3540-3570 with a S/L of 3615 with resistance stated at 3605 on that particular post. That 3605 was a 261.8% extension (which is a 5th wave projection as per Elliot Wave Theory), and it took me with unguarded surprise when it established days low as 3604, which signifies more strength. On the posted hourly chart today I have given all the targets for nifty and I really feel it's seeking for 3740-3780. And yes it's short term bullishness will be intact as long 3605 holds. So to sum up for today,

Supports:3640/3605
Resistance: Above 3670 , 3689/3709/3745.

All Future levels
(Hourly chart attached)
Have a gr8 day!!

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