Bhartiartl - Elliott Wave Update

1. My last post on Bharti called for some waiting around (refer it here). If you had only followed the advice you would have saved yourself from the excruciating and volatile downmove in Bharti. But what is the chart telling us NOW is the most important thing, lets have a look.
2. First and foremost (baring the spike low 5th Oct 2012) we do have a clear 5 wave move in place. What have followed since is an ending diagonal type formation, which might be a complex 2nd wave correction.
3. But thats a wave count, and is subject to evolution. So let us investigate the technical evidence for a possible end to this correction.
4. First and foremost, the recent low has formed on lower volume than the previous relative low, suggesting a reduction is selling interest.
5. RSI may be forming a higher low, which may create a positive divergence. 
6. The candlestick pattern formed yesterday, is called a spinning top, suggests indecision amongst participants, so we may see prices moving sideways, before a clear direction sets in.
7. The price pattern forming is looking line an ED, which has a reputation of abruptly reversing.
8. That's the evidence for waning momentum on the downside, but nothing yet suggests a turn in prices. What do you need is  some confirmation to signal an actual turn in prices.
9. For starters a close above the Short Term EMA (red color) would signal a change in mood.
10. A breakout above the falling TL in RSI, would be great too.
11. A confluence zone is on the chart between 260 - 270, so there is an increased chance of prices taking support in this range.

I thank you for going through the post, and if you find it useful, please let your friends in on this.