Nifty's moves ahead.

Two views - both for larger time scale and shorter time scale explained.
It looks we completed the 2nd wave with a failed "c".
An alternative scenario(since short term is "OS"), an irregular correcion may continue with a range of 4100-4200 approximately.



There is a +ve div in US mkts, though the weekly cycle is weak compared to the earlier +ve div(Refer the chart).

If Nifty is able to hold 4133 or lower down 4090, an intra bounce is possible.

Short at higher levels. Cover them around these levels..Hold shorts below 4090.