Nifty : Time for some consolidation

After almost a straight line rise, nifty finally showed some profit booking in the second half today. The move from 4580 to 4840 have been associated with negative divergences (see chart). We can safely say that it was a Wave 5 and now we may see some consolidation (ABC). I have pointed how the consolidation may look, on the chart.

Wave A which in my opinion has started should be ending somewhere around 4710 to 4750. 
Wave B can take us back to 4780 to 4820. 
Wave C should end in the range of 4620 to 4720. 


Any move below 4560 should signal that the consolidation has ended and a new 5 wave bearish structure has started. We have 4610 as a major support and should not be violated on closing basis for the uptrend to remain intact.


My earlier posts talk about resistance of 4790, which was broken today on closing basis. Though the last hour movement signals that we still can see this resistance threaten the upside, if we fall below it in near future.