As of now it seems that Nifty will retrace till the red zone of 8430- 8300 to complete the Wave 2 (Red) within Wave 3 (Double bracketed Blue).
It is also possible that the retracement is shorter in that case positions can be taken above the breakout if 9000 levels.
I expect that the index will make new all time highs and the strategy as of now is to buy on dips.
Currently is seems like the Double Bracketed Wave 3 will take Nifty to 9400 to even 10000+ levels, however more exact targets can be predicted once the Wave 2 (Red) pullback is complete.
I will update the targets as the picture becomes clearer.