This is hourly chart of Nifty, we can see a clear non-overlaping move is unfolding, we may have completed waves {1} and {3}, and now looking to consolidate in wave {4}. Since wave {2} was sharp, we may get a sideways wave {4}. What makes us say that this 5 wave move is not yet over, is the absence of a good positive divergence on the daily chart to suggest an end to the wave {3}? (refer daily chart below), due to many degrees playing out at the same time, we see duplication of wave labels at different degrees, but during such periods you have to bear with it.
I suggest we may have one more dash towards the lows made a few days back. Then we may get the much needed positive divergence to call an end to wave {3}?, or (c) of [b], whatever the case may be. It can ony be confirmed by the price action that follows, once the requisite waves are in place.
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