Many readers are asking for the outlook for NIFTY, India’s most watched Stock index. When a huge move in one direction ends, the topping out takes a bit of time. The spotting of the end of the final fifth is usually a challenge. Who doesn’t want to know what the exact top will be? Wave analysis is beautiful AFTER THE FACT. But to come up with recommendations BEFORE the event entails the risk of being wrong. But if one waits forever for confirmation, he/she will never get to trade. The fact that NIFTY has commenced a recovery from a low that is HIGHER than the preceeding low causes one to wonder if the initial move down was still part of a complex fourth wave – after all the previous move stopped exactly at the 38.2% level! Given this not unusual dilemma, a smart trader will wait for the current recovery to run its course, and join in any selling AFTER we get an overlap of the point Q in the chart. When that happens, we will have seen an overlap of a tiny wave 1, which is not allowed if prices were still in impulse mode in. Welcome to the practice of wave analysis!! These pages are different from others because you see practical advice here. Best of luck.