Hi Aswinini,
My wave count suggests that we have just completed in wave 4 / or are amidst wave 4.
Whichever way it is, I feel that the market is bullish.
Notice the break from the 1.5 year old channel. Also notice the 38% retracement that happened (Nifty falling from 5600 to 5200) which is classical wave 4.
Moreover notice the momentum on the rally from 4700 to 5600 - very high. again classical wave 3.
:
wave 5 is expected to surpass 5600 , but with relatively lower momentum thereby give rise to divergence.