We might be staring at a mediocre wave ((3)) of the subwave (iii). If nifty corrects another 1-2%, it’ll confirms that the wave ((3)) is done and wave ((5)) will be start, Which is the last impulsive wave of all the sub waves and the current Elliott wave cycle which started at 2009 is ending too.
If there’s no more correction left, then this might be a temporary blip, and the wave ((3)) will resume it’s run.
PS: I’ve taken the same wave length of wave ((1)) and applied to wave ((5)) and arrived at 12500 range to be the top of the cycle.