TRADER ALERT !! WARM UP FOR 4500 !

A single zigzag in a bull market is a simple three-wave declining pattern labeled A-B-C and subdividing 5-3-5. The top of wave B is noticeably lower than the start of wave A, as illustrated in Figures 11 and 12.

Occasionally zigzags will occur twice, or at most, three times in succession, particularly when the first zigzag falls short of a normal target. In these cases, each zigzag is separated by an intervening "three" (labeled X), producing what is called a double zigzag (see Figure 13) or triple zigzag. The zigzags are labeled W and Y (and Z, if a triple).
Source http://www.elliottwave.net/educational/basictenets/basics3.htm

Now compare the image above to these - we see that the wave patterns are now in the same formation - we had mentioned before that nifty was likely to get into trouble once it got close to 5200 levels. The 161.8% retracement level falls close to 4520 and after this we would start a whole new wave cycle. Seeing the global scenario we also feel that the next cycle may complete rather quickly or faster than the other cycles. 
We are currently trading at 5140 levels and wave 4 was formed @ 5160 on the 14th of october, the chances of this surpassing 5160 now seems very bleak.