A big down day today..??

As 5340 on spot nifty proved major resistance......5200 also proved major support......today 5220 important....if breaks then 5170/5100 on card.

Nifty this way???

nifty
Wave 1 4675-4930 = 255 pts
Wave2 4930-4805= 125pts
Wave3i 4805 to 5329
wave3ii 5329 to 5237 = 92 points
wave3iii 5237 to 5398 = 161 points
wave3iv 5398 to 5290 = 108 points
wave3v 5290 to 5377 = 87 points

wave 3 total points 593....
now 4th down might possibly with tgts of....
593*38.2% = 226 ...5398-226=5172
593*50% = 296 ...5398-296=5102
593*61.8% = 366 ...5398-366= 5032
think this also..
from 3920 to 5398 = 1478*38.2% = 564 ..5398-564 = 4834
from 3920 to 5398 = 1478*50% = 739 ..5398-739 = 4659
from 3920 to 5398 = 1478*61.8% = 913 ..5398-913 = 4485

this is taken as 3rd is complete @ 5398...but if it continued to 5460 then figures might change. But as earlier rallies are smaller (4540 to 5310 = 770 )so this must be below 770 points means (4670 + 770 = 5440)5440 is sl for shorts. One should initiate shorts @ 5370/5390 with 5440 as stop loss for tgt of 4860...
why 4860???
as rallies are smaller falls are also smaller...
so from 5310 to 4670=640...
5398-640= 4758...
if this fall is going to be smaller than earlier then 4800 is tgt..
4834 is 38.2% of rise from 3920..
of course enter/renter method is to be used. If dont want this tgt then one may see 4th wave tgt given above.

DISCLAIMER....I am short in may nf @ 5385 ( though sl said 5440 I will wait till 5460 as sl)