This Downward channel has many alternatives & Can Even turn into bearish impulse,Untill 8550 Spot is Taken out.
Lets Assume its WXY finished at 8400, Whether it il turn into 1 more complex Wave Z needs to be watched.
Red Alternate is another Wave count which is possible,But to avoid unwanted mess,Not into it much.
Expecting it to touch 8605 Spot Without breaking below 8435.
From 8500 To 8560 , Could be towards target tmrw. Any SL Should be modified to below todays Low @ 8480.
Psychological barrier which bears were carrying @ 8550 is broken, Probably due to short covering as tmrw is event day.
Nifty il Now Face resistance at Upper falling trendline (Trendline where B,X,A is marked).
Gave it a benefit of doubt as it can form any pattern. So,As per red pattern it can hit 8800, As of now we are moving with WXY ,Even that suggests a bounce , Wave Y is Exactly 100 % of Wave W & a bounce constructed a perfect falling channel.