Nifty – The count remains the same as before as that of an extended flat formation, in which wave “c” is underway.

We should in all probability continue our correction albeit with a pullback as the 1st impulse wave of the series is near completion. However, this pullback will be sold into and we should continue on our downward trajectory into the yellow/purple rectangle as shown.

The length of wave C can vary. While there is no fixed ratio for the size of Wave C compared to Waves A and B in an extended flat correction, it is common for Wave C to be equal in length to Wave A or even exceed it. In some cases, Wave C can be 1.618 times the length of Wave A or even longer.

However, considering other parameters it is likely that wave C shown above MAY extend down to a minimum of 18475 or even lower into the purple rectangle drawn above.

Wave 2 taking the form of a flat correction is widespread. While Wave 2 commonly takes the form of a simple zigzag or a double or triple combination pattern, it can also manifest as a flat correction. With this flat correction, wave C can be a double zigzag or even a triple zigzag combination.