1) In the first scenario Nifty is currently trading in wave 3 of A and is taking the form of 5-3-5-3-5 which could extend to around 10,250-220 region before giving a meaningful bounce in the form of wave B. I have used red lines to depict the possible path which Nifty could take in the coming days. The black box marked in the chart is an area where I assume an ir-regular caused the market to open higher today before falling sharply.
2) In the second scenario Nifty is trading in wave c of A and is taking the form of 3-3-5 which could extend to around 10,300-250 before bouncing in the form of wave b. I have used blue lines to chart the path which could take under this scenario.
Either way we could get lower levels in Nifty to complete the wave 2 correction.
Good Luck !!!!