19 october13:

Nifty
studying the daily chart for 18th oct -
AC = 3rd red bars
AO = 1st red bar
Divergent bearish bar was made 2 days back
Elliott wave looks like we are in 5th wave of 3rd wave (daily).
5th wave has crossed 3rd wave's high and hence, anytime we should see a-b-c wave (dailies) start. The target for the correction is around 5800.

Checking hourly charts:
minimum condition for wave 4 met i.e. AO goes below the line.
Divergent bearish bar at the top.
first AC red bar has appeared
Position taken at 6200
waiting for wave 5 end and correction to start.
target for correction: 6050