Elliott wave of Mid-Day Multimedia?

Mid-day Multimedia, Yesterday's closing Rs 90.00, What's Happening? Mid-day multimedia has completed an impluse wave, see the attached monthly chart. Currently it is in a corrective mode, forming a flat. The counts are as follows: Wave 1 completed on 31/12/2003 @ 43.20 Wave 2 completed on 30/06/2004 @ 17.92 (0.786 of wave 1) Wave 3 completed on 31/03/2005 @ 94.70 ( 2.236 of wave 1) Wave 4 completed on 31/05/2005 @ 61.55 ( 0.5 of wave 3) Wave 5 completed on 30/09/2005 @ 118 ( 1.618 of wave 1) Wave a of flat completed on 31/10/2005 Wave b of flat completed on 31/01/2006 Thereafter, it has started a flat correction, where wave a & wave b has completed. Wave c is under formation which can come down to the following levels:

• 96 (0.382 of wave a)
• 90 (0.5 of wave a)
• 84 ( 0.618 of wave a)
• 63.65 ( 1 of wave a) (this level is also 0.5 of the whole impulse wave ie from 118 - 9)

If this wave c extends, which is unlikely, then the following calculations would apply:

• 49 ( 1.272 of wave a)
• 43.65 ( 1.382 of wave a)

The following news is picked up from moneypore.com

(Dec 12, 2005: (Disclosure of news by the company) The company has alloted 21,90,000 equity shares, on 23rd January 2006, to two funds operated by T.Rowe Price International Inc. a FII @ Rs.82 per share aggregating to Rs.179580000. Hence the paid up capital of the company stands increased to Rs.447562770. )