This is a classic Flat pattern NSE:NIFTY is in the making. The initial 2 legs A, B are done and Nifty is now in the C leg. Now that there has been an initial move indicating the start of the C wave, there is a good chance that Nifty will retrace. Once the pullback/ retracement is done, it could then continue go down in the direction of C to retest the lows that are close to A. A pull back and continuation to the downside is likely.