NIFTY MAY HAVE FORMED AN INTERMEDIATE TOP AT 12430 AND WE ARE INTO A CORRECTION.IN THIS CORRECTION WE MAY HAVE COMPLETED WAVE A AS AN abc PATTERN AT 11615.NOW WAVE B IS IN PROGRESS AND IN THIS WE MAY HAVE COMPLETED WAVE (a) AT 12160.THIS PULLBACK FROM 11615 TO 12160 LEVEL WAS VERY SHARP AND MAY BE FIRST LEG OF A TRIANGLE.WE SHOULD BE MOVING SIDEWAYS NOW IN SHORT TERM BEFORE BREAKING BELOW 11615.