Nifty: Is the correction over?

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Nifty hourly chart


 Nifty has been correcting from past 2 weeks now and has started forming lower highs and lower lows. Today the benchmark made a low of 17283 and closed well above 17400 levels, thereby tumbling 1.96%. The next question comes to my mind and yours too will be, How much more fall?

Prices after making an all time high has started correcting and has found support of the falling channel today from where it bounced at the last hour of the trade. There are high chances for the benchmark to bounce from hear and at least test the levels of 17700-17800 levels.

From Waves perspective, prices are moving in a corrective wave (a-b-c) where it completed wave c today at 17283 levels. Now there is a possibility for prices to bounce and test either the resistance of the falling channel or a new all time high is set form here. The first option will eventually turn it into double correction (a-b-c-x-a-b-c).

The summation is prices are set to bounce back near to 17700-17800 levels over short term as far as the level of 17200 is intact on the downside. 

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