your logic seems okay, can you do the same for nifty.
My comments are as below:
this was the alternate theory I was thinking of, based on the rule that wave 3 cannot be the shortest, hence my waves 2 & 3 are part of an abc correction which is wave 2 now and wave 3 has just began and sub wave 1 and 2 in wave3 are just complete. Sub wave 3 of the main wave 3 is now on indicating some more downtrend, which looks quite steep, if your use the channeling technic to calculate the point 4 on the wave theory.
now according to your logic, wave (a) is a 5 wave structure, but according to wave theroy wave (a) is 3 wave structure corrective wave. If it is a 5 wave structure then it is not a corrective wave as per wave theory it is motive wave indicating a that it is wave 1 in a downtrend. Based on this assumption your abc corrective wave now becomes 1,3,5 of the motive waves in the direction of the main trend. & 2, 4 are corrective wave part of the motive wave.
Please advise on my understanding of wave theory.
Now if our logic is okay then we have a serious down trend, which could take us close to 4000 levels. What do you think.
Regards