In the 2 minute chart, we see a breakdown from a trading range and a double bottom around 6075 area. In the final 30 minutes, prices have recovered close to 6094 ranges.6083 represented the 61.8% retracement area for the drop from 6229.
The first down cycle has been convincingly been penetrated on the upside. So the next larger cycle seems to indicate that after this correction Nifty should move beyond 6240 in the next uptrend....Awaiting confirmation from Market.
The current B leg has already consumed 26 days and has retraced Wave A by 152.29% And it still seems to have legs for one more up move.In such a case Wave C when it commences may not retrrace the currently forming B wave beyond 61.8 %.
If we look at the alternative count and consider this to be the diametric Wave D, then the current upmove is wave g. In such a scenario, wave g will be completely retraced down to 5477 levels.
Moreover then we could consider the rise from 4531 from December 2011, to be complete only when the current upmove tops out.Mind you, in such a case, wave D would have consumed 18 months of uptrend.
On a weekly scale the uptrend contiues ....