Nifty Astro Technicals Intra week update, October 05, 2012

Nifty`s third wave of the fifth has gathered strength yesterday. It looks to play out up to October 10^th. If fifth wave decides to extend, then we may see a sharp dip for a few days (up to October 12^th) and then continuation up to November 05. If correction is weak or does not happen on October 10^th-12^th, then we watch out for October 19^th to 23^rd.  The time bands have been marked on the following chart.

Intraday 15 min chart looks interesting. It suggests a possibility of a 5th wave extension...

We shall discuss Astro formations in detail during the weekend.Any dips today, are hopefully buying opportunities. Any way the trend is pretty mature. So caution indicated in all long positions.