Nifty 50 - Potential Deep Correction Ahead

After analyzing the current structure of the Nifty 50 index, I believe we're looking at a potential deeper correction in the market. The larger downtrend has been playing out with Wave A completing at 23,263.15. We're now in Wave C, and a deeper correction could be expected with Wave C potentially extending further down.

Key points:

• Wave 5 might be Wave 3 and could indicate a bigger correction.
  
• Wave C could target 21,292.70, with further downside potential.
  
• The Max retracement for Wave 4 suggests a corrective rally without violating the start of Wave 1.
  
• Fibonacci extension indicates a deeper retracement, possibly extending beyond the 1.618 level.
  

I believe there's a strong chance the market might head lower, and this could mark the start of a bigger trend reversal.

Would love to hear your thoughts and if others are seeing a similar pattern! Let's see how this unfolds.

Chart Details:

• Timeframe: 4-Hour Chart
  
• Indicators: Fibonacci retracements, wave counting
  

Key Levels:

• Target for Wave C: 21,292.70 or lower
  
• Max retracement for Wave 4: 22,720.30
  
• 1.618 extension: Lower levels are anticipated.