It seems Nifty completed its larger 3rd wave at 8969 and currently 4th wave is unfolding, which may complete around 8490, below which it could head to 8343-8195.
Lets see how it unfolds...
Nifty Daily Chart:
Being in a corrective mode, the price pattern/ behaviour could take any form namely abc-x-abc or just an abc(3-3-3) and so on. Prices have been making Lower Highs and Lower lows since the “8969”. Till this pattern continues, corrections do.
Nifty Hourly Chart:
For short term, Staying above 8709(38% of last retracement)conditions are favoring a bounce but with a lack of confidence so one needs to be careful to initiate any trade with small stoploss.
Nifty 15 Minutes Chart:
