Bank Nifty 1st 15 Minutes Setup–The Secret Timing of Big PlayersHello Traders!
Ever wondered why big moves in Bank Nifty often start right after 9:30 AM? That’s because the first 15 minutes set the stage for the day. Smart money watches how price reacts during this period and then makes their move. Today, let’s decode the First 15-Minute Setup for Bank Nifty — a strategy I personally use to ride momentum and avoid traps.
Why the First 15-Min Candle is So Powerful
Price Discovery Zone: It’s where volatility is highest and range gets defined.
Volume Spike Clue: Big players enter here — high volume = potential direction clue.
It Defines Day Bias: A breakout of this candle often tells if the day is going to trend or chop.
How to Trade the First 15-Min Setup in Bank Nifty
Step 1 – Mark the High & Low of the First 15-Min Candle
→ This becomes your decision zone.
Step 2 – Wait for Breakout with Confirmation
→ Only enter when a 5-min candle breaks the range and closes above or below with strong volume.
Step 3 – Entry & Stop Loss
→ Entry: After breakout with volume confirmation
→ Stop Loss: Other side of the 15-min candle
→ Target: 1:2 RR or previous day’s high/low
Step 4 – Bonus Confirmation:
Check Option Chain — OI shift or unwinding adds more strength to the breakout.
When This Setup Works Best
On Expiry Days: Quick premium moves make this strategy powerful.
During News-Free Sessions: Clean moves with fewer fakeouts.
On Trending Days: Works great with gap-up/gap-down open followed by consolidation.
Rahul’s Tip
“Don’t rush into the market at 9:15. Let the big boys act first — then ride their wave.” Patience in the first 15 minutes gives you clarity for the entire day.
Conclusion
The First 15-Min Candle Setup in Bank Nifty is a simple yet powerful intraday strategy. When combined with volume, price action, and OI shift , it helps you catch clean breakouts and avoid choppy fakeouts.
Have you used this setup before? Or do you wait even longer? Share your approach in the comments below!
Market indices
Bank Nifty Elliott Wave AnalysisCurrent Scenario:
Wave 3 is actively in progress, showing strong bullish momentum characterized by price gaps—typical traits of an impulse Wave 3.
The ongoing move has already extended precisely up to the 2.618 Fibonacci extension, reflecting strong impulsiveness and market participation.
Trading Recommendations:
Do not initiate short positions until the critical support level of 52,064 is convincingly breached on the downside.
Currently, the risk-to-reward ratio does not favor initiating fresh longs at these elevated levels.
Optimal Entry Strategy:
Bank Nifty (BN) recently broke above a significant trendline resistance, validating bullish momentum.
Await a pullback into the corrective retracement zone (between 23.6% at 53,168 and 38.2% at 52,401) of the Wave 3 advance.
Enter fresh long positions within this retracement zone for a high-probability setup.
Next Steps:
Identify completion of Wave 4 correction. Only after this confirmation will precise projections for Wave 5 be accurately calculable.
Key Takeaway:
Maintain a bullish bias; however, wait for better entry levels on pullbacks. Prioritize risk management and patiently wait for Wave 4's completion before calculating precise targets for Wave 5.
The Market Speaks in the First Hour Learn to ListenDear TradingView Community and Fellow Traders, Wishing you all a focused and fulfilling trading journey. Each day in the market brings its own rhythm, and recognizing that early can make all the difference. In this piece, I’m sharing a concept that continues to shape my intraday approach, the First Hour Range. It’s a simple yet powerful framework that can offer clarity right from the start of the session.
Let’s explore how the first 60 minutes can set the tone for the entire trading day.
Body-:
The first hour of the trading session is one of the most dynamic and information-rich periods of the day. It lays the groundwork for what often becomes the day’s dominant trend, volatility structure, and psychological narrative. Whether you're a scalper, momentum trader, or swing trader analyzing intraday flow, the first hour can act as your primary map.
Understanding the First Hour Range-:
The First Hour Range is defined by the highest and lowest prices achieved during the first 60 minutes after market open. These two levels create a clear boundary that reflects the initial battle between buyers and sellers, often influenced by overnight global cues, news events, gap openings, and institutional order flow.
This range can be seen as a "price cage" a zone that either contains the price action for the rest of the session or is decisively broken to signal continuation or reversal.
Why Is This Range So Important?
High Volume and Volatility-: The opening hour is typically where the highest intraday volume occurs. This influx of participation leads to price discovery, as market participants react to overnight developments, pre-market news, and opening gaps.
Reference for Support and Resistance-: The high of the first hour acts as early resistance. The low acts as intraday support. If price breaks above or below this range later in the session, it’s often accompanied by strong follow-through, especially when confirmed with volume.
Bias Detection-: Traders can assess whether the session is likely to be trending or range-bound by observing how price behaves around the first hour range. A clean breakout and sustained move away indicates trend conviction. Repeated rejection from the edges hints at indecision or mean-reversion behavior.
Breakout Triggers-: Many intraday breakout strategies use the first hour range as a trigger zone. Long entries may be placed just above the high of the range, while short entries might be taken below the low. Traders often use volume spikes or candle confirmation (e.g., engulfing or Marubozu) for added conviction.
Fakeouts and Traps: On some days, price may breach the range high or low and then reverse back within it. This is known as a failed breakout or fakeout, often trapping aggressive breakout traders. For experienced traders, these traps can be lucrative countertrend setups with tight stop-loss placements.
Types of Market Days Based on First Hour Behavior
Trend Day-:
Price breaks out of the range early and continues in the direction of the breakout with minimal pullbacks. Look for rising volume and shallow retracements.
Range-Bound Day-:
Price stays within the range for most of the session, often forming a sideways consolidation. These are ideal for mean-reversion traders using oscillators or reversal patterns near the extremes.
Reversal Day-:
The initial breakout fails, and price reverses strongly in the opposite direction. Look for volume divergence or key reversal candlesticks like pin bars or bearish/bullish engulfing patterns.
Tips for Using the First Hour Range Effectively
Always mark the first hour high and low on your intraday chart, regardless of your trading style. It serves as a reference throughout the day.
Align higher timeframe bias (e.g., daily or 4-hour chart) with the breakout direction to improve probability.
Watch how price reacts at the range extremes. Wick rejections, reversal candles, or hesitation often precede strong counter moves.
In choppy markets, wait for a retest of the breakout level before entry this improves confirmation and reduces false signals.
Psychological Importance
The first hour is not just about price it’s about trader psychology. Emotional decisions, early fear or greed, profit-taking from overnight positions, and smart money manipulation all unfold during this time. Reading this layer helps you better anticipate the day’s rhythm.
Conclusion-:
The First Hour Range is a deceptively simple yet incredibly effective framework to assess market structure, trade opportunities, and risk zones. It’s a tool that adapts well to all kinds of markets equity indices, forex, commodities, or crypto.
Make it part of your daily routine. Observe how price respects or disrespects it. Use it to align your trades with market momentum or fade the crowd when the context favors reversals.
More often than not, the market whispers its intention in the first 60 minutes. The traders who are listening closely tend to ride ahead of the curve.
Best Regards- Amit
Nifty50 Intraday Levels (21/04/2025)Nifty50 - Intraday Setup & Levels
April 21 2025
Decision making - using 15minutes candles & candle pattern formation
Meaning "Long Trade" = Market expected to move up
Meaning "Short Trade" = Market expected to move down
Meaning "PDH" = Previous day High
Meaning "PDL" = Previous day Low
mins = minutes
Dates format = DDMMYYY
Understanding Trade setup:
1. Resistance Level 24,226 = Market created a High of 24,226 on 02/01/2025. Market has not sustained above this level ever since and hence considered a resistance for further upward movement.
2. Resistance Level 24,000 = Usually round figure numbers in their thousands are considered as psychological levels in the market.
3. Support Level 23,765 = Market created a High of 23,765 on 04/02/2025. Market sustained above 23,765 in previous trading session and is now considered as support.
4. Support Level 23,450= Market broke down 23,450 on 01/04/2025. Market sustained above 23,450 on 17/04/2025 and is now considered as support.
Long Trade scenario1:(continuation of existing uptrend)
Market opens = Flat (close to previous session closing price)
1st criteria: Market must sustain above = 23,765 (PDH)
2nd criteria: Market has to break above = 23,870
1st Target = 23,975 to 24,000
2nd Target = 24,230
Stop loss = 23,765
Long Trade scenario2: (retracement to PDH)
Market opens = Gap down (significantly lower than previous session closing price)
1st criteria: Market must sustain above = 23,450
2nd criteria: Market has to break above = 23,585
1st Target = 23,765
2nd Target = 23,870 (PDH)
Stop loss = 23,450
Short Trade scenario1:
Market opens = Gap up (Market retraces down to PDH)
1st criteria: Market must sustain below = 24,050
2nd criteria: Market has to break below = 24,000
Target = 23,870
Stop loss = 24,050
Short Trade scenario2: (Market retraces down to Previous breakout level)
Market opens = Flat
1st criteria: Market must sustain below = 23,765
Target = 23600
Stop loss = 23,870
Wishing you the very best and a safe trading.
Regards,
Uday
Disclaimer: I am not a SEBI registered analyst. The above information is only for educational purpose based on my years of experience. Please consult a financial advisor before investing.
NIFTY : Trading levels and Plan for 21-Apr-2025📘 NIFTY TRADING PLAN – 21-Apr-2025
📊 Index Spot Close: 23,837.75 | ⏱ Timeframe: 15-Min | 🚪 Gap Opening Threshold: 100+ Points
🔼 Scenario 1: Gap-Up Opening (Above 23,938+)
If Nifty opens 100+ points higher above 23,938, it will be trading close to the last intraday resistance marked at 24,127. The recent rally has been steep, so profit booking or resistance can emerge at higher levels. Momentum continuation can only be expected if there is consolidation or retest above breakout levels.
📌 Plan of Action:
Allow the index to settle for the first 15–30 minutes to avoid opening volatility.
If price sustains above 24,000 and breaks above 24,127, aggressive buying can be considered for upside momentum. However, trail SL tightly as price enters uncharted territory.
Be cautious if price opens directly near or inside the 24,127 zone – wait for a rejection or reversal sign before considering any short.
Any gap-up followed by selling pressure that brings price below 23,938 could be a gap-fill trap – consider shorting if structure confirms breakdown.
Upside targets after 24,127 breach could be 24,200+ intraday; however, don't chase trades blindly above resistance.
💡 Educational Insight:
A gap-up near resistance should not be chased blindly. Market may trap bulls before turning. Look for higher-low formations or a bullish flag near 24,000+ to confirm strength.
⚖️ Scenario 2: Flat Opening (Between 23,738 – 23,938)
This is a balanced opening where price opens within or slightly above the critical support zone of 23,713–23,788. This range serves as the launchpad or failure point based on early moves.
📌 Plan of Action:
Let the 15-min candle close; avoid trades in the first few bars unless a clean structure forms.
If price sustains above 23,788 and starts forming higher highs, then the market may attempt a breakout toward 23,938 → 24,127. Longs can be taken above 23,850 with tight SL below 23,788.
On the downside, if price starts slipping below 23,713, this zone becomes resistance. Shorts can be planned with targets: 23,654 → 23,500.
Price trapped within 23,738–23,850 might trigger sideways action. Avoid trading inside this range unless breakout or breakdown occurs.
Look for volume confirmation and a clear directional bias before taking positions.
💡 Educational Insight:
Flat opens near crucial supports often lead to decisive moves after initial range expansion. React, don’t predict. The first breakout (up/down) often defines the tone of the day.
🔽 Scenario 3: Gap-Down Opening (Below 23,713)
A gap-down below the orange zone (23,713–23,788) is significant and could trigger a pullback towards the green support levels 23,654 and potentially 23,289.
📌 Plan of Action:
Let the market absorb the gap-down in the first 15–30 minutes — don’t enter impulsively.
If price bounces and reclaims 23,713, stay away from shorts. Look for reversal patterns (e.g. double bottom or engulfing) for long trades with SL below day’s low.
If price stays below 23,713 and breaks below 23,654, initiate shorts with targets at 23,500 → 23,289.
Watch for bullish traps — don't short blindly at supports. Wait for confirmation candles and volume on breakdowns.
In case of deep gap-down directly near 23,289, wait for reversal signs to attempt any long, else avoid bottom-fishing.
💡 Educational Insight:
Support breaks on gap-downs can be strong, but bear in mind — market makers often trap panic sellers. Be alert for false breakdowns and quick reversals.
🛡️ Risk Management Tips for Options Traders 💼🔐
✅ Avoid trading in first 15–30 mins — volatility traps are common.
✅ Use ATM or slightly ITM options to avoid excessive time decay.
✅ Set SL based on structure, not emotions — eg. previous candle low/high.
✅ Avoid over-leveraging — 1-2% risk per trade is optimal.
✅ Keep a max 2-trade rule per direction — don’t overtrade.
✅ Track IV (Implied Volatility) — spreads work better in high IV setups.
✅ Record your trades — wins teach less, losses teach more.
✅ Avoid revenge trading — take a break after a loss, regain calm.
🧾 Summary & Conclusion 🧠📊
📍 Gap-Up (Above 23,938): Watch for resistance at 24,127, avoid chasing highs without retest.
📍 Flat Open (23,738–23,938): Watch for structure near 23,788; breakout above = bullish, rejection = bearish.
📍 Gap-Down (Below 23,713): Possible downside toward 23,654 → 23,289. Reclaim of 23,713 invalidates shorts.
📍 Zone to Watch Closely: 23,713–23,788 (critical intraday pivot for both bulls & bears).
🧘♂️ Final Note: Trade less, trade well. Market gives opportunities daily — protect your capital so you’re around to take them.
⚠️ Disclaimer:
I am not a SEBI-registered analyst . This trading plan is meant for educational purposes only . Please consult a financial advisor or conduct your own research before making any trades. Trading involves risk — always use proper risk management.
NIFTY BULLISH 24850!!!!!As per my view , after break the high , price sharply fall down why?
Because of Trump tarriffs which is also consider as manipulation.
Then price went up again and break the 23870 level , so we now consider this a bullish break.
From tomorrow onwards price can conservatively move towards 24650 as shown in charts.
Maybe this coming week will slight consolidation and the following week will reach the 24650!.
Always look for some profit booking( little pullback) then try to catch the move with your own trading setup.
Just learn to trade by yourself is better. Chillz......
NiftyNSE:NIFTY
Charts are self-explanatory. Levels of breakout, possible up-moves (where stock may find resistances) and support (close below which, setup will be invalidated) are clearly defined.
Disclaimer: This is for demonstration and educational purpose only. This is not buying or selling recommendations. I am not SEBI registered. Please consult your financial advisor before taking any trade.
Banking Sector Boost Nifty to New Levels: What’s Coming Next?The Nifty has shown a clear turnaround with a double bottom pattern and has broken past the 23,800 level. This strong move is mostly thanks to the banking sector, especially with great Q4 results from HDFC Bank and ICICI Bank.
The Bank Nifty, now trading just below its all-time high, might struggle near 55,000—a zone that previously triggered a pullback, leading to consolidation in the broader market.
For Nifty, the immediate resistance is seen at the 24,000 level, where significant call writing activity may pose a hurdle. On the downside, a breach below 23,500 could signal a potential reversal, dragging the index into a downtrend once again.
Nifty Intraday Analysis for 21st April 2025NSE:NIFTY
Index closed near 23850 level and Maximum Call and Put Writing near CMP as below in current weekly contract:
Call Writing
24000 Strike – 56.41 Lakh 24500 Strike – 55.70 Lakh
23500 Strike – 51.96 Lakh
Put Writing
23500 Strike – 86.14 Lakh
23300 Strike – 46.47 Lakh
23400 Strike – 41.59 Lakh
Index has resistance near 24000 - 24050 range and if index crosses and sustains above this level then may reach near 24200 - 24250 range.
Index has immediate support near 23725 – 23675 range and if this support is broken then index may tank near 23550 – 23500 range.
Banknifty Intraday Analysis for 21st April 2025NSE:BANKNIFTY
Index closed near 54290 level and Maximum Call and Put Writing near CMP as below in April Month contract:
Call Writing
55000 Strike – 17.79 Lakh
54000 Strike – 10.26 Lakh 54500 Strike – 8.70 Lakh
Put Writing
53000 Strike – 11.78 Lakh
54000 Strike – 7.37 Lakh
53500 Strike – 6.61 Lakh
Index has resistance near 54900 – 55000 range and if index crosses and sustains above this level then may reach near 55500 – 55600 range.
Index has immediate support near 53900 - 53800 range and if this support is broken then index may tank near 53300 - 53200 range.
Finnifty Intraday Analysis for 21st April 2025NSE:CNXFINANCE
Index closed near 26070 level and Maximum Call and Put Writing near CMP as below in April Month contract:
Call Writing
26000 Strike – 1.90 Lakh
26500 Strike – 1.82 Lakh
26200 Strike – 0.88 Lakh
Put Writing
25500 Strike – 1.32 Lakh
26000 Strike – 0.94 Lakh
25800 Strike – 0.56 Lakh
Index has resistance near 26300 - 26350 range and if index crosses and sustains above this level then may reach near 26500 - 26550 range.
Index has immediate support near 25875– 25825 range and if this support is broken then index may tank near 25650 – 25600 range.
NIFTY Levels for April 21, 2025NIFTY Levels for Today
Here are the today's NIFTY Levels for intraday. Based on market movement, these levels can act as support, resistance or both.
Please consider these levels only if there is movement in index and 15m candle sustains at the given levels.
The SL (Stop loss) for each BUY trade should be the previous RED candle below the given level. Similarly, the SL (Stop loss) for each SELL trade should be the previous GREEN candle above the given level.
Note: This idea and these levels are only for learning and educational purpose.
Your likes /boosts gives us motivation for continued leaning and sharing ideas.
BANKNIFTY Levels April 21, 2025
BANKNIFTY Levels for Today
Here are the today's BANKNIFTY Levels for intraday. Based on market movement, these levels can act as support, resistance or both.
Please consider these levels only if there is movement in index and 15m candle sustains at the given levels.
The SL (Stop loss) for each BUY trade should be the previous RED candle below the given level. Similarly, the SL (Stop loss) for each SELL trade should be the previous GREEN candle above the given level.
Note: This idea and these levels are only for learning and educational purpose.
Your likes /boosts gives us motivation for continued leaning and sharing ideas.
Technical Analysis Technical analysis is a means of examining and predicting price movements in the financial markets, by using historical price charts and market statistics. It is based on the idea that if a trader can identify previous market patterns, they can form a fairly accurate prediction of future price trajectories.
I was right about Dow📉 Chart Analysis: Dow Jones Industrial Average (DJI)
🔻 The Crash Pattern
The Dow peaked near 45,000, and that “Trumpcession” label marks what I saw as a major turning point — likely due to political or economic shifts that were brewing at the time.
After that peak, the market took a massive dive, dropping sharply to below 36,000 at the worst point.
I had drawn Fibonacci retracement levels from the low (~35,680) to the high (~45,038), and as I expected, the price sliced through all the key retracement levels:
0.236 (43,345.95)
0.382 (42,298.65)
0.5 (41,452.19)
0.618 (40,605.74)
Right now, it's hovering around 0.786 (39,400.62), which tells me the market is hanging on by a thread — support here is weak.
📍 Current Position
As I look at it, the DJI is sitting around 39,142, just below the 0.786 Fib level — not a great sign for bulls.
The RSI is still below 40, showing bearish momentum is in play, though I am starting to see early hints that it might be trying to recover.
📅 What I Saw in December 2024
Back in December 2024, I noticed the market was topping out. The signs were all there.
There was a double top formation — a textbook distribution pattern. Momentum was stalling, volume was drying up, and the RSI started showing bearish divergence.
While most were still riding the hype, I saw this setup as a clear warning — the market was exhausted and ready to correct.
🔧 Technical Breakdown
Once price started breaking down and sliced through those key Fib levels without a fight, I knew the correction was serious.
This wasn’t just a pullback — this mirrored past 20%+ corrections, and I could feel something systemic or macro-driven behind it.
The term "Trumpcession" made sense to me — policies, election concerns, rate hike fears, and geopolitical tensions were all weighing on sentiment.
✅ Why I Was Right
I based my call on:
Bearish divergence on the RSI (price making higher highs, RSI making lower highs)
Flattening trendlines
Weakening volume
Repeated failure to break resistance
And, of course, the growing political/economic uncertainty
All those factors told me a crash was not only likely — it was inevitable.
💡 What's Next (My View)
If the Dow can’t reclaim the 0.786 level (~39,400), I believe we could:
Retest 37,865
Or even see further drops to 36,000 or 35,680
On the flip side, if RSI pushes above 50 and price climbs back over 40,600, we could see a recovery rally start. But as of now, the trend remains fragile, and caution is still my base case.
Bank Nifty Breaks Out: Classic W-Pattern Signals Bullish MomentuThis chart represents the **Nifty Bank Index** (BANKNIFTY) on a daily timeframe and showcases a technical analysis using:
1. **Fibonacci Retracement Levels**
2. **A Classic W-Pattern (Double Bottom)**
3. **RSI (Relative Strength Index)** at the bottom
---
### 🔍 **Pattern Analysis**
#### 📈 Classic W-Pattern (Double Bottom)
- A W-pattern, also called a double bottom, typically indicates a **reversal from a downtrend to an uptrend**.
- It’s clearly marked in yellow, showing the index formed two distinct lows around the same level.
- This formation was followed by a **bullish breakout** above the neckline (horizontal resistance), confirming the pattern.
---
### 🔢 **Fibonacci Retracement Levels**
- The retracement tool is drawn from the swing high (around 54,421) to the swing low (around 43,546).
- Key levels marked:
- **0.236 (52,835)**
- **0.382 (51,853)**
- **0.5 (51,060)**
- **0.618 (50,267)**
- **0.786 (49,138)**
- The price **retraced to the 0.5-0.618 level** (a strong support zone) before resuming its uptrend — a typical bullish retracement behavior.
---
### 🔄 **Recent Breakout & Momentum**
- After retesting the neckline (as indicated by the arrow labeled “Retracement”), the price **broke above previous highs**, signaling strong bullish momentum.
- The latest candle shows a significant upward move, closing around **54,290**, very close to the **previous high of 54,421**, suggesting a potential **breakout into uncharted territory** if volume supports it.
---
### 📊 **RSI Indicator**
- RSI is around **72**, entering the **overbought zone (>70)**.
- This indicates **strong bullish momentum**, but could also suggest a potential for **short-term consolidation or minor correction**.
---
### ✅ Summary
- **Trend**: Strong bullish trend confirmed by W-pattern breakout and higher highs.
- **Support Levels**: 51,060 (0.5) and 50,267 (0.618) are key support zones.
- **Resistance**: Immediate resistance is the previous high at 54,421. A breakout above this could lead to new highs.
- **Momentum**: Overbought on RSI – bullish strength, but monitor for possible pullbacks.
Nifty PSE Breakout Ahead ?Hello fellow Traders!
Hope you're all having a fantastic trading session! Today I bring you an in depth analysis of the Nifty PSE Index, which is at a crucial turning point. With price testing key resistance and the 200 EMA, will we witness a breakout or another rejection?
This setup could define the next big move, so stay sharp and trade wisely! Let’s discuss what’s your take on this price action?
Analyzing Nifty PSE Index: 200 EMA and Key Resistance Levels-:
In this analysis we examine the Nifty PSE Index using a combination of trend channels, key resistance levels, and the 200-period Exponential Moving Average (EMA). The objective is to determine whether the recent breakout attempt can sustain upward momentum or if resistance will push the price back within the channel.
Trend Channel and Key Resistance-:
The chart reveals a well-defined downward-sloping channel, marked by channel resistance and channel support levels. Throughout this decline, the price has respected these boundaries, bouncing off support and getting rejected at resistance.
Recently, the index has approached a critical resistance zone near 9500 where it also faces the 200 Ema. This confluence of resistance increases the probability of a reversal, as historically, the 200 Ema acts as a dynamic barrier in trending markets.
Notably the price has reacted to this level twice before (marked with red arrows), leading to sharp pullbacks. If history repeats, we could see another rejection from this area. However, a successful breakout above the 200 Ema and key resistance would open the door for further upside toward 10400 previously established price level.
Breakout Above Resistance: A confirmed breakout above 9500 could signal a trend reversal. This would bring the next potential target of 10400 and 11000 (next visible resistance) into focus.
The Nifty PSE Index stands at a crucial juncture, facing significant resistance at the 200 EMA and 9500. A decisive move in either direction will set the tone for the upcoming trend. Traders should closely monitor price action near these levels for confirmation before taking positions.
This publication is meant for only learning purpose hope you will like it!
Best regards- Amit.
NIFTY ITHello & welcome to this analysis
NIFTY IT (CNXIT) appears to have completed in
Monthly from 2016 lows an impulse 5 waves up
Weekly shows a running flat wave 4 followed by sub waves of the terminal 5th wave
Daily indicates post the impulse an ABC corrective ended (ending)
is this A of abc down after a monthly 5 up or is it wave 2 complete with this ABC?
It is too early to say the latter. Normally the corrective tends to retest the start of the preceding sub wave 4 that is around 31000 but that is not mandatory as per Elliott Wave rules.
An early indication of which wave is unfolding will depend on how the sub waves come out now, either they will be corrective, then it would be B of abc or they will be impulse then wave 2 has ended and index is into Wave 3.
Interesting days ahead for IT index
All the best