1.Wave e ends on April 1 and wave f of a diametric starts for the week, upwards. From April 08, wave g downwards begins and ends in the middle of the month. That would conclude wave A and from the second half of the month,we begin the more complicated and time consuming wave B upwards.
2.Wave e ends down as an expanding triangle, with a fast down move on April 01 and from April 02, wave B begins.
So the action of Nifty on April 01, shall give us the clue.
The ending diagonal shown below,does not suggest an expanding triangle closure, but then there is nothing to stop Nifty from having one more down move to the down sloping trend line.
Nifty Weekly Fibo charts show Nifty taking support close to the 38.2 % line.Wave A could end somewhere close by and the wave B upwards could coincide with a blow off kind of move in the US Indices.
The chart shown below is a quarterly chart of Nifty.Nifty had moved below the 5 Q High EMA when it moved beneath 5865 on March 18, with a gap and it closed below the 5QHEMA at 5682.55, on March 28, 2013.Levels to watch out for the coming quarter are 5455 and 4976.These may happen post May 31, when Jupiter moves out of Taurus.
We hope to see a month with plenty of action. Volatility could be high. Stay with stop losses and stay with the trend. It is good to know the direction beforehand but it pays to follow what Nifty does on a day to day basis.
Wish you all a wonderful month of trading in April 2013.