As discussed in my previous post, Nifty is currently undergoing a wave 4 correction as per long term Elliot wave analysis. Let us look at the short term wave count in todays analysis.
As shown in the chart, there is a possibility that Nifty has entered wave C of the corrective phase. If the wave count hold true, we could revisit the yearly lows of close to 15000 before resuming the wave 5 rally.