How Low can You Go - Nifty ???

No one would like to see a Market like this unless You are a Short Trader.
Nifty has really gone Mad, broken the Key Level 5000 and closed near to 4900.
So the Important Question is How Low can Nifty Go from here.
Lets See.

As per Eod - the Picture does not Look good.
1). Nifty Closed below 200 dma.
2) Nifty Closed below 61.8 Retrace which may go down to Next 78.6% which is 4766.
3) Nifty broken the Trend Line at 5070.

Attached Hourly Chart says there is a Probability for an Interim Bounce from current level before Next Fall.
It seems Ongoing sw(3)(5)(1) might have completed - and may Bounce for sw(2) as shown on Chart with arrow mark.
Also the fall looks like a Falling wedge - break above the channel may give some Relief Rally for Bulls next week.
The Bounce could be upto 5040 and 5090 or even above that...

Attached is an Alternative Scenario on Nifty Chart - as we might have completed sw(3) and looking for a bounce.
Breaking the Falling wedge bounce should be sw(4) which may target for 5124.

Friday's Performance :-

>>> IVRCL INFRA <<<
(5/11/2012 11:44:08 AM):*****STOCK-ALERT***** BUY IVRCL-INFRA BETWEEN 49.50 - 50 WITH A SL OF 48. TARGET 54 & 56
High Made 51.90 - Holding

>>>IDFC<<<
(5/11/2012 1:03:51 PM): *****STOCK-ALERT***** Buy IDFC if trades above 118.5 with SL of 117.4 for a Target of 122 & 127
(5/11/2012 2:18:19 PM): *****STOCK - UPDATE***** IDFC Buy given at 118.5 - First Target 122 Achieved, Book Partial Profit
Holding Rest for 2nd Target

>>>NIFTY<<<
(5/11/2012 1:23:57 PM): *****NIFTY-ALERT***** Nifty Spot if trades above 4930 can move upto 4960 & 4980. Support @ 4905.
(5/11/2012 2:12:24 PM): *****NIFTY-UPDATE***** Nifty Near 2nd Target also at 4980. Buy given at 4930. Book Solid 50 pts.
(5/11/2012 3:04:52 PM): *****NIFTY - ALERT***** BUY AGAIN NIFTY NEAR 4930 WITH A SL OF 4920. TARGET 4960 & 4990. CMP: 4932
Holding Long - Low made after the Calls @ 4922.95


>>>BANK NIFTY <<<
(5/11/2012 2:05:53 PM): *****BANKD NIFTY-ALERT***** Buy Bank Nifty Spot above 9460 for a Target of 9600 & 9960. SL below 9380
Holding Long - Low Made after this Buy Calls @ 9381.65


>>>BHEL<<<
(5/11/2012 3:23:36 PM): *****STOCK - ALERT***** Buy BHEL NEAR 220 WITH A SL OF 216 FOR A TARGET OF 230 & 236
Holding for the Target