Nifty Spot Daily Chart As on 3rd Sep, 2014

This week's 3-4 day fall could not retrace the last week's 3 days rally fully. Only 92% has been retraced in more than 100% time. So, the activity is marked as b-leg of "b". Yesterday's rise could be c-leg of "b" and today's fall may be the commencement of larger "c"-leg down. Now confirmation of "c"-leg  down would be initally to break below 7795 channel bottom and followed by a close below 7699!!  Else we may have to revisit count.