Most probably wave (A) of 4 is completed at 10637 and from 10637 may be complex wave B is running. After completion of wave B decline of 1500-1800 points is possible as wave C of 4. If nifty trades above 12146 then we should think of another possibility.
Nifty achieved its minimum projection of wave (v) which is 10722. And maximum projection of wave (v) is coming at 10440. so wave (v) of could be completed in 10722-10440 range which is big so lets concentrate on decline from 11181 in lower time frame chart.
Most probably wave (iv) is completed at 11181 and from 11181-10902 wave 1 of (v) is completed and wave 2 of (v) is in progress and may complete in 11000-11142 range and from there nifty can decline again towards 10902-10836-10782 levels.
Most probably Nifty completed wave (iii) of at 10849 and 11051-11176 is the resistance range. wave (iv) may be completed at 11080 or it may complete in 11051-11176 range. And from there Nifty may decline 430-690 points as wave (v). If nifty breaks 11176 comfortably with sharp bounce then its different wave count.
Nifty breaks 10985 level so now its clear that 10004-12103 move is ABC and from 12103 wave C of irregular correction is started. And in wave C wave (iii) of is completed at 10881 or still running. For wave C 100% and 123% projections are coming at 10347 and 9933 level respectively.
resistance range in daily chart is coming at 11075-11196.
One more decline of 154-245 points is possible from the resistance range 11381-11430 given in chart or it can decline from present level also.
Trading strategy should be sell nifty in given resistance range for given target and if nifty trades above 11431 for 15 minutes then exit the trade.
In this 45 min chart we have not given any wave count but as of now 11456-11492 is an immediate resistance range so if nifty forms a corrective pattern towards this range then sell for new low below 11399. Nifty is positive only above 11492.
By looking at daily chart of nifty it seems wave (A or 1) is competed at 10985, (B or 2) is completed at 10585 and (C or 3) is completed at 12103 and from there onward it could be a corrective wave as wave (4) or wave C of irregular correction which can go down deep..
For more clear view we need to look at decline from 12103 in lower time frame.
Nifty took support at 11523 which is exactly 38% retracement of wave (C or 3). If nifty completed wave (4) at 11523 then it will go for new life time high as wave (5). and if nifty trades below 11523 then it could be wave C of bigger irregular correction and it can go deep below 10585.
CHECK MY BUDGET DAY POST FOR EARLIER WAVE COUNT..
from recent budget day high 11981 it seems that nifty has completed wave (A or 1) at 11881, wave (B or 2) at 11944 and its in wave (C or 3). In (C or 3) wave i, ii, iii and iv is already completed and maximum limit for wave v is coming at 11773. so from there we can expect 23-38%(of 11944 to recent low below 11798)...
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.
Triple zigzag pattern is violated as of now and if nifty completed correction at 11625 as double zigzag then nifty needs to go for new high very fast. Any consolidation below 12000 would indicate its still in X2 of complex correction. Will update if found an exact pattern.
It seems Nifty currently in triple zigzag correction and will complete its last abc below 11625(most probably in an ellipse drown in chart). So Nifty needs to go below 11617 before breaking upper wedge line. But if it breaks upper wedge line before going below 11617 then we could conclude that correction is completed at 11625 as double zigzag.