Nifty IT index

The Nifty IT index has pulled back in line with my expectation that maybe 5 waves were complete at the recent high. But looking at the number of waves that make an impulse 5+4=9 we may have one more rally to go. The decline is back at the lower Bollinger band on daily charts from here the previous rally took off. If the same repeats, we could see the tech stocks make one more move to new highs in wave V of 5. The Nifty IT index could go back to the top end of the channel near 30600 in the coming months.