Nifty - Elliott Wave Update

1. This is a 120 min Nifty chart. A clear 5 wave impulse pattern can be observed on the chart.
2. EWP tells us that a 5 wave move always occur in the direction of the main trend.
3. This is the first of this up move, which suggests there should be another one. But before that we will have to endure a corrective move against the trend.
4. Its not certain that Nifty will turn down right from this level, but there is a high probability of a pause here. 
5. I have marked sequential target levels for this possible downmove. Any level may hold, and this correction should take atleast 2 days to complete, else it will be considered as a part of existing up move, i.e. wave (a) as per our count.
6. My suggestion is to bide your time for a while, let this pause complete, and position yourself in the meanwhile for the next leg to follow.