Nifty IT: Impulse 4th wave correction

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Nifty IT Daily chart


The IT sector is facing tremendous pressure after whistleblowing event which happened in Infosys. Now the question arises is is it really whistleblowers who are dragging the IT sector down?

Technically speaking, prices of IT index was near to the resistance of the rising channel. From there it has started moving down in a lower high and lower low fashion. 

Elliott wave indicates that, the current up move is in impulse in which it has completed wave v of wave 3 in a extension, this opening wave 4 lower. This wave 4 will drag prices way lower till 13500-13000 levels where channel support is placed.

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