More Bearish in Medium Term

Breaching 5690, means that we have breached the end of wave 1 which was at 5690,this implies that wave 4 scenario gets cancelled.It implies that wave 3 continues.( n we r in wv 2 of wave 3)Which means, that once this upside ends,(it may be 5800/5900 or wherever it goes, certainly not above 6181)we will have a significant downside, will take a few months,but it will mostly break 4800.Thats why I call it more bearish in medium term.

I have seen similar formation on both, Bank Nifty and Reliance charts, guess wud be present on many other Nifty stocks as well.

A MISTAKE

Well it seems I made a naive mistake of thinking that wave 4 had ended at 5608(which was above top of A leading me to make the mistake) and thinking that wave 5 had started unfolding.It wil be confirmed if the market moves above 5536 in next few days.In fact seeing ICICIBANKs chart gave me the idea of where I was going wrong.Todays upside also confused me, though it seemed to fit a downside count too.( as a part of an extended and complicated wave).I am posting the chart of Icicibank as well as Nifty.Assuming the market moves above 5536, it wil go to 5600/5650( it should not go above 5690 though).

The first chart is that of ICICIBANK and the second one is of Nifty.