The current elliott impulsive wave has started from 2009, and the last impulsive wave of 5 is going on at present, also the subwave of wave 5 is maturing too, all in all we are heading for a correction. Most of the times, the wave 5 would reflect wave 1’s character. In that case, Nifty would top around 12600-12700 (applying same length of wave 1). In case if the wave 5 gets extended (which is unlikely due to the tricky political situation in India next year), it won’t go more than 13200.