If there is any risk to the market it is from this, the inter-market divergence that goes on between Nifty and the Nifty Midcap 100. There have been a couple of recent divergences in fact. Frist was when Nifty formed wave B of 4 and the MIdcap index made a higher high. now the Nifty is making a higher high and the Midcap index is not. The question to ask; Is wave C of 4 down for Midcaps going on? Prices did close below the 20dma yesterday and now we are near 16650 the gap zone left behind on the way up, If that is filled then yes we can get a deeper cut in wave C of 4 before the rally goes on. For Nifty itself below 11820 11700 would be 38.2% retracement of minor wave iii. I am not saying this happens but it is a risk.