Please see my post from July 11 here first (http://theelliottwavesufer.blogspot.dk/2013/07/elliott-wave-analysis-of-nifty-50.html)
With the break below the base channel support-line I have made a change to my previous bullish Count. Longer term the Picture is still very bullish, but for the short to medium term Picture we should expect more downside action in wave c of a flat wave II correction, which began at 6,338.50 in late October 2011.
As wave A we saw a complex triple zig-zag correction and for wave B we saw a simple zig-zag correction. However, for wave C we should expect an impulsive five wave decline to just below the ending point of wave A at 4,531.15, before we should expect the next impulsive wave higher to take over.
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