Nifty Elliott Wave analysis for 15-10-2012

Market seems to have done with the wave a of the this correction. Also spent conisderable amount of time completing the wave b as a flat (running flat?). The 5 wave decline seems to be completed on Friday's close and the upward move to complete wave c has begun. This may go up to 5751 which is the fibo target of 61.8% for a reasonable wave b. Further to which market may go down dramatically to complete ~178 points of (5751-178 = 5573) range. This may help the market to complete wave iv or wave d of the large up move to complete the wave C.
Nifty Daily Elliott Wave analysis:

Nifty Hourly Elliott Wave analysis:

Nifty 5 min Elliott Wave analysis:

Nifty hourly chart with 9,14 RSI, 35 D: