In the Long Short report Nifty IT had one final bump up in V of 1. What we often cannot know is that it will truncate. Not even to a new high but wave V of 1 ended at yesterdays high. Today the rising channel for the rise broke and the weekly momentum was already in sell mode so now wave 1 should be considered over and wave 2 down started. Wave 2 down will first test the 20 then maybe 40-week average near 19000 and 17800 respectively. A move below 20669 would further confirm this.