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Nifty is occurring a corrective wave ((iv)) on the hourly timeframe chart.
It has broken the previous corrective (iv) of a lower degree and price fall to 17377.

The bullish scenario is valid till the price is above 17150.
According to the Elliott wave principle, wave ((iv)) can never enter the price territory of wave ((i)).

Wave ((iv)) has retraced 78.6%, and it can’t retrace more than 78.6% if there is a bull power on the other hand. If the nifty breaks 78.6% at 17156, it will also break the invalidation level point of 17150.

Nifty is creating a downtrend channel, where bull power has controlled by sellers.
If the price breaks out of the channel downtrend, we can see a sharp upward move soon.
However, nifty has to confirm its bull run by breaking the breaking supply zones.

No bullish scenario without breakout of the parallel channel.

If the price breaks the downtrend channel, trader can buy for the following targets of 17435-17618-18125

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