Nifty - Indian Stock Market EW counts - Help Requested

Hello Folks, First time I am starting a new post even though I have replied to posts before so I hope this turns out alright....Looking for some help with my counts and figuring out the right one or what I am doing wrong here...I know that there are a lot of EW experts out here...so looking for some thoughts on this count. Ok this is the Nifty India long term count that I think is visible.... Drilling down to some lower levels...First possibility I see.... Second Possibility... Now both possibilities seem possible to me even though as of now I favour the more bearish possibility....And this will get confirmed I guess when we enter the price territory in the 4950 area...The kinda confirms that its a B wave going on and Wave C is yet to come... Now what I am trying to get is is my count correct?....If not what am I doing wrong?...Which one is more likely...Help requested from EW experts like Teaparty, NAV, beta, LarryT, Gannman, others etc....Any thoughts would be appreciated.. Best regards...Hope the attachments turn out ok...If not, will retry in following posts.. PS: I am really a beginner in this stuff...so just trying to learn more....Help is appreciated.

Anyone who knows EW is welcome to reply...There are so many folks over here whose opinion I really value that I could not cover all the names....Sorry for that....Anything to help me with these counts is appreciated.... Best.

A quick and dirty on the weekly....can't get intra day data on stockcharts...but it looks like the wave 5 ended in an ED on the daily....if B has topped (and is a ...C=A near 3500 fwiw
http://stockcharts.com/c-sc/sc?s=$CNXN&p=W&yr=8&mn=0&dy=0&i=p46236589736&a=139001825&r=223.png

Daily...
http://stockcharts.com/c-sc/sc?s=$CNXN&p=D&yr=1&mn=5&dy=10&i=p95202338968&a=139003801&r=2474.png

Hi Princely, Others like Tea and LarryT are the experts, so Ill defer to their specific e-wave counts. Some general observations: 1. Generally, ABC corrections will take back about half of the primary move (as Tea's chart shows). They also tend to break the rising TL. So your second chart is the more likely outcome here. 2. On the weekly ^CNX chart, note where the MACD histogram is now in relation to where it peaked in late 07. I find the rule of symmetry (across the zero line) to aid in interpreting where it bottoms. 3. Note how the wave structure is quite similar to ^SSEC, which appears to be a few steps ahead in the corrective process. As ^SSEC has now corrected 62% of its move, this is also a possibilty here. Good work, and thanks for raising this issue. Hadnt looked at CNX in a while, but both CNX and SSEC are going to be great buying opps when they bottom (and makes me wonder, perhaps ^SSEC already has ? ....) Cheers.

Edited by beta, 10 May 2008 - 11:11 AM.

Tea, thank you for the charts...Great work as always.... SO Looks more like its my bearish 2nd possibility thats more likely...One thing that is bothering me a bit over here is the fact that the market is very light...meaning Put Call ratio etc are high...Compared to the Jan peak(at the time everyone was saying India has been 'decoupled' from the the rest of the world and we will see 10000 on the Nifty soon...lol...The market was very very heavy at the time)...So since market is light maybe its going to be a long and hard grind down to 4000 area and below....Anyways just trading for now... Beta, yes once this bottoms, it will be the investment opp of a lifetime I think....Both China and India...China might have already bottomed.... Once again thank you guys for your comments...I really appreciate it... I love this board! Best.

Incase anyone is interested, here is the hourly chart of Nifty showing more detail on the whole recent correction...Dont have older hourly data than this....Unfortunately. Best.