According to my knowledge of the markets, Nifty has formed a 5th wave of the Elliot wave structure in daily time frame and after the completion of the 5th wave comes an Impending reversal or a correction which is labeled as A-B-C wave structure which can either be a zig zag or an impulse. The termination of the 5th wave means that the markets could correct back its entire rally which was formed starting from 18300-18400 levels.