Bharti - Elliott Wave Update

1. First of all our initial view on Bharti should be considered under the light of, the author being extremely bearish at the time of the post, I try to follow the markets and that is why, may at times fail to catch the big picture. The market situation is interpreted in a very different manner today, so kindly give me some leeway. 
2. Given the possible market action in near future on Nifty as discussed in my last post, I have tried to take a fresh look at Bharti, also using the futures charts, instead of cash charts in our last post.
3. The support zone on cash charts of 250-220 was not violated by the market, the lower boundary is intact (ignoring the flash crash low).
4. Now the stock has risen sharply in last few days, also the count suggests that we may have formed 3 corrective waves so far marked (A)-(B)-(C). The most likely implication still would be a triangle in wave [IV]. We may once again test the 460-444 range on the chart above in leg (D) of the triangle, a brief pullback to complete wave (E) of [IV] and then we are off on our wave [V].
5. The formation looks like an ascending triangle, and a BO above the long standing TL in RSI would indicate a possible future BO in prices above the 460 level.
6. Right now the markets are looking very bullish, and I would rather buy the dips instead of trying to pick a top. The markets will give ample time if it plans to go down. But considering the overall pattern being a bullish one, I would not encourage any short positions.
7. Bharti completed a nice corrective pattern, down in wave (C). It also gave a nice contracting triangle in the last wave of this correction. That was a long window of opportunity, if you are not already long in this stock, I would suggest to buy on dips but keep the volumes light as the rise has been very sharp. If we get a BO above 460, then there is a possible case for a positional long play in Bharti.
8. Till then keep it small and quick.