From the 19th August top at 17992, Nifty has fallen in 5 waves impulse (1H) which suggests the short term trend is down. After completion of 5 waves down, Nifty rose in a corrective pattern (ABC) and stopped around 61.8% retracement which gives confidence that the rise is indeed corrective.
From the C made on 25th August, Nifty seem to have started the 3rd wave down and we are currently in wave 3 (green) of larger wave 3 (black). Smaller wave 3 (green) seem to be extending in 1-2-1-2 structure which suggests that we 3 might be bigger than 1. If we take 1.618% extension then we can expect wave 3 to take Nifty around 17280 before we get a counter-trend wave 4 bounce.
Overall, the larger wave 3 should take us around 17100 zone.
