Nifty 5th wave down of expanding diagonal playing out

The 5th wave of the downwards expanding diagonal on the Nifty started on the 24th of January.

The 4th wave took longer than expected, pretty much subsuming most of January and corrected 38.2% of the previous fall(18887 to 17774) to 18201. The 0.618 extension of the previous fall at 17086 would be a good target for the 5th wave.