In monthly chart decline from 12428 can be wave C of irregular correction(Nifty can bounce again for new high in that case) OR it can be impulse wave A(Nifty can decline again for a new low in that case). 6338 is an invalidation point for this wave count.
From recent high 9889 to 9117 on down side nifty has completed an impulse wave and from 9117 corrective wave may be in progress now and after completion of this corrective wave nifty can decline more than 700 points.
Pattern from low 11625 is also complex. Trading strategy should be sell nifty with strict stop loss of 12001 for the targets given on chart. It can also go below 11625 if bounce from 11625 is wave X2 of Triple zigzag correction.
It seems Nifty is in wave 3 of (C or 3) and if 3 completed at 11487 then wave 4 retracement levels are 11313-11206 and for upside 100% and 123% projection of wave (C or 3) is coming at 11566 to 117098 respectively.
Pattern at low 10585 is indicating irregular correction which is caution for longs and Nifty can go below 10585.