Nifty weekly time frame chart

Nifty is showing bearishness in weekly time frame. Nifty made lower high and lower low on weekly closing basis. Nifty have closed below 50 week exponential moving avarage first time after covid crash. History is showing that when price close below weekly 50 EMA, there is high probability that price will touch weekly 100 EMA and worst case scenario weekly 200 EMA.

Correction is on going in form of ABC zigzag. C wave completed it'S target 1 time of A wave. If nifty go down further, C wave may go up 1.618 times of A wave and in worst case scenario C wave may extend up to 2.618 times of A wave. There are level marks on Fib extension tool.
These are all probabilities