India Vix, traded on the National Stock Exchange (NSE) closed at 11.58 on Wednesday.

The Metals index fell far enough to say that we have completed a 5 wave advance and wave 5 is not extending. Now it is time for a deeper correction before the larger trend up can resume. A dip back to wave 4 of the rise is normal and that is at 9500 for the index from 11366, the close today. So that is a close to 20% decline from here still on the cards before we look for a bottom. The near term chart shows a potential head and shoulders top pattern whose neckline broke today.