This correction was expected to come down in a range between 11700 to 11485 as per the Fibonacci retrace levels and so far retraced to11625 then bouncing now with out completing a pattern. if c is completed at 11625, the bounce could be wave 5 with possible extensions in internal wave 3 as mentioned earlier.
Another possibility is that wave3 completion is at 12103, then the current down moves are forming a Double zigzag or even can form a triple zigzag,which may take nifty below 11625 having a lesser chance.