Nifty IT index

I tried to consider that wave 5 was still unfolding for the IT index in my last post but the momentum does not seem to be picking up. The 20 WMA at 23,760 [weekly chart], is the final support for the upper trend to hold. With a negative divergence in the weekly momentum indicator which is now in sell mode, the odds might be higher, that a wave 2 correction is going on and the IT index could actually decline towards the 40 week average near 21,500 or 20,500 where the 4th wave ended. After that, a larger degree wave 3 higher can start.