Let’s have a look at more detailed wave count. It seems like there’s a developing double zigzag in a position of wave ((a)) or ((w)). The current local correction is supposed to be the fourth wave of wave c. If correct, wave ((5)) is about to begin, so the market should break the low of wave ((3)) shortly.
Broadly, a large third-wave rally is over, so a fourth-wave correction is taking place. In this case, we should keep an eye on the 0.382 retracement level of wave 3 (1725.70) as a potential target for wave 4. If a pullback from this level happens next, there’ll be a moment for wave 5 of (C) to begin.