Why 8400 could be Critical : Nifty Elliott Wave Count

The level of 8400 could turn out to be a critical level for Nifty as can be seen from the Nifty chart below.

Alt 1 : Wave 3/3 extension complete and start of wave 4,
Alt 2 : Wave 5 complete and start of A-B-C correction.

If the wave count holds, in either case we are likely to see a major correction post 8400 as the charts indicate now.  The TTO indicating  a possible wave 5 in progress but whether it is major 5 or 5/3 is yet to be confirmed.