This post is coming after the earlier post on NSE Nifty on (15/2/2019). In that post a significant correction was anticipated. However the said head and shoulders pattern didn't materialize and the Index has gone on to make a prolonged topping pattern.
The chart below is self explanatory.
i) The price is moving in a parallel channel since the bottom in 2008. It is now touching the upper channel.
ii) There has been a substantial increase in volume in past few months which may signify distribution.
In conclusion Nifty may now see a significant correction. Where this would fit in Elliot wave counts will be clearer as the pattern develops. However both possibilities exist of it being either a intermediate degree (retrace of up move since bottom of 2016) or a primary degree correction (retrace of up move since bottom of 2008).
