Nifty 50: The Index has seems to have finished wave C of Wave 4 of one higher degree at 11185.15, from there five wave rise was seen to the highs of 11493.50 which is wave i of wave 5, and currently the index is in wave ii correction and ideal termination point of this wave ii should be around 11366 levels, minimum retracement as per Elliott wave principle has already been seen and any take off the 11493.50, will complete the wave ii and the said index is expected to scale towards 11850 levels in step by step manner. This view will need reassessment once the recent swing low around 11185 is broken; and early warning will be given by break of the golden channel support line around 11265. Bias remain for wave iii higher until proven otherwise.