Nifty bounced on Thursday after filling the GAP and retracing little more than 61.8% of the last rally. The low made was very close to the lower trendline of the channel which has held the entire rally till now from May low. 9 minor waves (5+4) can be counted on daily as well as weekly charts, which can be marked as a completed impulse wave from march bottom. This is the most bearish case as of now and if it plays out the market may remain bearish for many more weeks to come. However, The way I have been counting the waves till now was a little different which one can see on previous daily or weekly charts which says that 3 is extending and sept bottom was another 1-2. 13600 is still open though with primary count, if Z is still going on or yet to start the market may not cross 14900 as there are resistance from previous X wave high and cluster of daily averages around 14800-14850, if it does that in a 5 wave advance then we will assume that the waves are further subdividing and a new impulse has started.