Movement of Nifty Spot

I think the Nifty Spot has made an intermediate bottom when it attained 3790 on 16-07-08.In other words the action of A wave correction on the market is over and a new wave namely B which is correction of correction A wave is on the cards.Also this will be confirmed when the trend line connecting levels6347(10-01-08),5299(02-05-08),5167(16-05-08),4539(24-07-08) and4423(01-08-08) is decisively violated.I calculate the target in this move may test 5300 which is arrived by me as follows.The fall from 6347 to 3790 is a loss of 2557 points.Retracement of 61.8% is anticipated which is a gain of 1580 points from 3790 which works out to 5370(3790+1580).But there is a strong resistance at 5299 so we may limit the upmove to 5299 and with that the B wave may come to an end.But to reach the target of 5299 the nifty spot has to overcome hurdles at the following points namely 4490,4650,4800,5050,5170 which are major in nature.This is not going to happen in a day or two.It may take 90 to 105days.This is my analysis and observation and not for anybody to act upon.I am presenting my view here and invite suggestions and opinion from members of this blog.