Nifty: Post Impulse Pattern (Elliott Wave)

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 Nifty hourly chart


From the above chart, the benchmark is moving in a rising channel and recently the channel is broken which opens negative possibilities.  Price confirmation is yet not obtained but break of channel is confirmed which is a sign of caution. Also momentum indicator RSI is relieving from the overbought zone and can move down from here.

As per Wave theory, am impulse rise is seen on the short run which now opens a corrective wave adjacent to the current rise. This means prices are all set to dive either in zigzag , flat, triangle and so on. On the downside there are cluster of supports placed at 17320-17300 levels.

The summation is Nifty can plunge near till 17320-17300 levels over short term as far as the level of 17645 is intact on the upside.

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