As projected earlier, nifty already touched the sub 16600 level ( precisely 16410). as per present trend , It seems that wave z of WXYXZ correction is under progress and presently sub wave iv of Z is progressing. This sub-wave iv should terminate at around 17013 and sub-wave v would take nifty again towards 17500 level or below depending upon momentum and that might be the final wave of correction. During sub wave v we might see, positive divergence in Nifty. Rest is explained for chart.
Disclaimer : This is for education purpose only. Analyze yourself or consult the expert before making any decision based on on this analysis.