Nifty broke below 5348 intraday on 25th may 2011.

Now its impossible to count the rally post the Feb low of 5170 as bullish
as the only count is of an A-B-C corrective that means it was wave X/2
That means that the probability of Nifty falling below 5170 is now 100%
the question is simply by how much?. That such a fall breaks H&S necklines
accross stocks and indices should mean the target should be steep.
So 4600 looks like a minimum target here.