The alternative count from the last update proved to be the correct count (wave W). What followed could be considered a triangle but wave A of this triangle wave X is very large compared to the rest of the waves inside this triangle. I think the important thing to watch is the resistance around 1.10 which was broken last week. If the count presented is correct, expect a retest of this former resistance now support zone after which price will rise again and looking at the speed of the decline from 1.40 i suspect the same speed in the other direction. Watch for surprises to the upside and small corrective waves to the downside.
Elliott Wave Probabilities of Nifty for 22 May 2015
15 hours ago