Nifty not sustaining above the pivot level and constantly trying to come down makes me think there could be another alternative to the current correction. Another reason to believe that is the channel breakdown at 1 pm. It has broken the rising channel from 5034 in hourly chart. [Though it is yet to break the rising channel in daily chart!]. Also the 9 RSI and 35 D are still moving southwards and if this continues then we will have to wait to see any positive divergence observed here. However if this happens then we will have to rethink about our entire labeling from 5034 as this is usually not observed in 4th wave and beginning of 5th wave. Which only can confirm that the 5th wave up was effectively ended at 5376.45.
Accordingly I have labeled the down move from 5376.45 as 1-2-3 and the recent up move as wave 4. As per this we probably have started the wave 5 down and it should move down to 5294 or beyond.
One more thing to note is that we have still not violated our 5291.1 or 5220. Until both of these are violated we can still consider our earlier labeling.
Current labeling is only provided to alert that there could be a possibility of market taking this route.
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