This is in continuation of the earlier post on NSE Nifty posted here on 11/02/016. The updated probable counts are shown on the chart below. In the previous post I was expecting a steeper wave (iii) decline. But now I am assuming wave (iii) to have completed on 12/02/2016 at 6869. As per this count index is now in wave (iv) with first likely target at around 7430. This count would become invalid if the prices go above wave i low of 7540. If correct, wave (v) down to complete wave 3 and then wave v down to complete wave 5, still remain, to complete the long term down move. Also if the index has to really complete waves 4s and 5s of various degrees, volatility may increase.
