I am giving two alternatives below.
SLIDE 1 – Wave 4 is not completed and the ongoing upmove is part of an ongoing FLAT correction eventually ending somewhere in orange rectangle within a bullrun.

NIFTY X WAVE

SLIDE 2 -Here the wave 4 is deemed to be completed and the present upward move IS or PART of a massive wave 1

WAVE 4 COMPLETED

KEY TAKEAWAYS
1. Possible for markets to go above previous high in both above cases. However in the 1st instance , treading on thin ice
2. In both above case bull run to resume once the expected future correction is over
3. In both above case , correction can be fairly large but a chance to buy into the expected future bull market

NIFTY BANK

nifty bank

NIFTY AUTO

NIFTY AUTO

NIFTY IT

NIFTY IT

NIFTY OIL AND GAS

oil and gas

ACC

ACC

BHARAT DYBAMICS

BHARAT DYNAMICS

BHARAT ELECTRONICS

BHARAT ELECTRONICS

BHARAT FORGE

BHARAT FORGE