A 1030 points fall from the Nifty' top, currently having a break even point at 10535 for it considering to be a recovery from the fall. If we are still in wave 3, then this could be a huge irregular flat wave iv inside wave 3 is in progress. The current fall from 11171 is wave c of iv of 3 and this c, it seems wave (i) completed at 10979, (ii) completed at 11117, (iii') completed at 10276, (iv) completed at 10638 and wave (v) may be in progress with overlapping repeated (abc) pattern, so there is possibility of Ending Diagonal Pattern for wave (v).
In an irregular 3-3-5 pattern, wave (B) can break the start of its previous wave (A) and if it happens it is an Irregular wave (B) which make the whole corrective wave (ABC) as Irregular Corrective wave or Irregular Correction as marked on chart. Generally both the corrective waves (2) and (4) comprises of 3 inner wave as (abc) pattern or combination of repeated (abc) patterns, whereas wave (B) also comprises of 3 inner waves as same (abc) pattern at lower degree.
The waves counts does not show any clarity or completeness in structure at wave 3 if ending at 11171. So cannot say for sure, where we are now. If wave 3 is completed at 11171, we are now in wave 4 and then it cannot form an impulse or a zigzag, it may prolong further as a flat most probably. Monthly chart Note: Please bear with me for my in consistency in posting, I was tied up with many personal issues. Love you all.
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