Nifty Spot EOD 16th Oct, 2014

The confirmation of the 2nd leg (as an extracting triangle) of 2nd corrective completion was given by the market yesterday. Which is doing an a-b-c ZZ since then. In which the b-leg was an contracting triangle.
Now the contracting triangle may have either completed yesterday at 7893.9 or 7867.6. Now the pattern implication suggests the following targets or completion of the a-b-c at any one of the following levels : 

If completed at 7893.9
Target1 - 7732.5 (Done Yesterday)
Target2 - 7678.75

Target3 - 7624.95

If completed at 7867.6
Target1 - 7706.25
Target2 - 7652.45

Target3 - 7598.65
Watch out for yesterday's low or 7706.25 holding for postional longs for a good bounce.