Wipro

Wipro
Below are the Wipro EW analysis. I am not an expert. What i know is nothing to very little. I just posted the way I analysed Wipro closely by adjusting the counts. It is just knowledge sharing. You may please share your views. I might be wrong in my counts as well.
http://imgur.com/MnW1w7c
http://imgur.com/xUzzq0l
The below chart shows that i was expecting ED with sharp fall
http://imgur.com/CypVLEE
The below chart with the slight adjustment of count but with the same result
http://imgur.com/I8DqQjI

Update on Wipro, As expected price fell for 5th wave on the downside. Now we have to look for upmove. Because every 5 wave move will be followed by 3 wave correction. We just had 5 wave move to the downside. so we can expect 3 wave move correction on upside.Since the overall pattern looks like ABC pattern and considering wave C completed in the 5 wave moves on the downside. we could expect fresh impulsive wave on the upside anytime from now. Initially we could simply go with an expectation of 3 wave move to the upside and we could adjust the counts according he the development of waves.
In lower time frame, I have tried to spot the reversal. It looks to me like an expanding Ending diagonal. Ending diagonals are terminating/reversal patterns and will always give sharp reversal. Since wave (3) didnt extend 1.618 X wave (1) we could consider that wave (5) as extended. There are different possibilities now
1- It is an ED and it is just about to reverse
2-It may not be ED and wave (4) might have just become complex pattern and wave (5) yet to develop
3- there could be an extended wave 3 in (3) which could lead to 1.618X wave (1)

At the moment I strongly feel chances are there for option 1 because there is a bullish divergence in place and rest of the EW rules are followed and convincing patterns.At the same time we should not ignore the other possibilities. One way or the other reversal is just around the corner. Lets see if it is , tomorrow. I vote for it.