Nifty Astro Technicals for January 16, 2013

Nifty for the second day today continued its up-move  We did expect that. Every passing day is increasing the sense of caution, however.
Here are the preferred wave counts and other related charts. Please also keep alive the second possibility mentioned in January 13th  post.

 I have drawn the all important 2-4 line. Violation of the line downwards and then a quicker retracement of the entire wave 5, to 5548 is what Neo Wave says, are the possibilities.The million dollar question is at what point and when will wave 5 top out? Or are we in wave 3 of 5?
Anyhow, here are the impulse distances and time taken for the travels.

An interesting line, this red dotted line!

And a monthly variation. Here I have also drawn the 80% Fibonacci lines of the pitch fork. You may draw your own conclusions.

We are at least actively considering a market top. We had also discussed how such a formation will not violate the Jupiter effect in Taurus, because we are also expecting a stronger and drawn out wave B if the top out occurs.
Of course if it is wave 3 we are then into a truly larger C wave which might extend right into May 2013.As of now, my take is 80% chance for the diametric and 20% for option 2, which is a bigger and extended wave of wave 3 of 5 of C.
This weekend could give an answer.'
Meanwhile whenever markets heat up or look extended, " Angels fear to tread where fools venture".
Be an angel and risk averse- allow the market to make its move and do not neglect stop losses.