Primary Wave B rise ending soon.

NSE:CNXIT   Nifty IT Index
Cycle wave 1 range: 11108-39444,Currently We are in

Cycle wave 2(Not shown)
Primary wave B(Red)
Intermediate wave C(Orange)
Minor wave 5(White)

Going by the internal structure it seems like cycle wave 2 is taking a form of zigzag correction where in we are almost done with primary wave B.Going ahead we can see a impulsive fall in the form of primary C which can take prices between 25200-25300 as we are having 50% retracement of entire cycle wave 1 at 25277 and 61.8% extention of primary wave A for wave C is coming at 25307.On the upside this primary wave B(for a zigzag) should retrace 61.8% primary wave A which is coming at 34381,but here we have stopped around 50% retarcement coming at 32816.Adding to it we also have 138% extention of wave intermediate wave A for wave C coming at 33107.Although we have penitrated both the levels on the upside but it seems like rally that started from 27000 is loosing steam as we can see a rising trendline has been breached connecting minor wave 2 and wave 4 pivot lows.

On the downside a close below 31400 can be a confirming evidence for the end of wave B rise.

Disclaimer:This analysis is for my future reference no position should be taken solely on its basis.

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