Nifty Heikin Ashi candle chart for 05-10-2012

Daily chart:
Strength - open and staying above: 5749.90
Weakness - open and moving below: 5749.90

Hourly chart:
Strength - open and staying above: 5788.10
Weakness - open and moving below: 5788.10

Nifty Elliott wave analysis for 05-10-2012

Nifty very beautifully jumped up yesterday and spent rest of the day consolidating in minute sub wave iv of (iii) of v of III. Possibility is today it may go up again in wave v of (iii) to near 5850 range. Yesterday's sub wave iv was flat and the 5 wave decline in wave c was complete in 5 min chart.

Nifty daily chart with Elliott wave label:

Nifty hourly chart with Elliott wave label:

Nifty 5 min chart with Elliott wave label:

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