Looks like NIFTY has finally reached to the top (?).Expect a sharp rally to the downside
Looking at different fib relations
a-b-c in wave B wave has completed 261.8% retracement
1 to 5 in impulse pattern 5 wave is completed with 5th wave with an extension.
Fib Time projection for wave (c) (a to b) has 261.8% time projection (i.e. 3rd Feb)
Other reasons -
INDIAVIX is slowly moving upside (from lower levels).
Hourly chart showing bearish divergence in Oscillators.
Sentiment is all time high in US
Looks like S&P has similar wave structure as in NIFTY, where S&P either reached its top at 1334 or it might extend to 1343
CBOE Volatile Index in US showing lows
Alternately i also added bullish count just incase if primary wave count goes invalidated
