I have tweaked with my counts as compared to the last update as mentioned below which is a complete chain of the fall from 312 highs, but likely you should not confuse yourself with my counts-these are for my reference.
ChennaiPetro has bounced quite substantially from lows@277 to kiss our target zone of 292-293 as per previous updates.
Look for a channel break for confirmation that prices indeed want to head down or even if the prices goes below 290 mark & sustains below that level -in that case we shall look for target zone 281-282 which is the prior swing low from current highs of 293.80
Going below 281-282 zone - channel gets broken & it will confirm that CP indeed is looking down.