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.
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