Nifty 50 Index Elliott Wave technical analysis [Video]

NIFTY Elliott Wave technical analysis

Function: Counter Trend (Minor Degree, Grey).
Mode: Corrective.
Structure: Zigzag.
Position: Minute Wave ((c)).
Details:
- The alternate count is now preferred, with a potential ((a)) – ((b)) – ((c)) Zigzag pattern appearing complete in the 22,000 – 21,900 zone.
- High probability remains for at least a counter-trend rally towards the 23,700 – 24,000 range.
- Alternatively, a further decline from the current levels could target the 21,300 – 21,400 range, aligning with Minor Wave 4 of the previous uptrend.
Invalidation point: 26,400.

The NIFTY 50 INDEX daily chart suggests a major top formation around 26,300 in September 2024.

A high-probability wave count suggests that the index carved Minute Wave ((a))/((i)) around the 23,267 mark, followed by Wave ((b))/((ii)) and ((c))/((iii)) towards 24,900 and the 22,500 – 22,550 zone, before turning lower.
Previously, the index formed Intermediate Wave (4) Orange around the 15,200 lows. Since then, an impulse wave at Minor Degree (1-5) pushed prices to 26,300, marking the termination of Wave (5).
Bulls may attempt a rally towards the 24,000 range in the near term. However, a deeper correction towards 15,000 levels remains highly probable in the long run.

Function: Counter Trend (Minor Degree, Grey).
Mode: Corrective.
Structure: Zigzag.
Position: Minute Wave ((c)).
Details:
- The alternate count is now preferred, with a potential ((a)) – ((b)) – ((c)) Zigzag pattern appearing complete in the 22,000 – 21,900 zone.
- High probability remains for at least a counter-trend rally towards the 23,700 – 24,000 range.
- Alternatively, a further decline from the current levels could target the 21,300 – 21,400 range, aligning with Minor Wave 4 of the previous uptrend.
Invalidation point: 26,400.

The NIFTY 50 INDEX four-hour chart highlights sub-waves after reaching 26,280 – 26,300 highs on September 27, 2024.

Minute Waves ((a)) – ((b)) – ((c)) Zigzag appears complete from the 26,280 highs.
Alternatively, Minute Wave ((i)) – ((ii)) might be complete, with ((iii)) potentially still developing.
The initial drop to 23,257 has now been labeled as Minute Wave ((a))/((i)), followed by Wave ((b))/((ii)) through the 24,900 zone.
Minute Wave ((c))/((iii)) appears potentially complete in the 21,900 – 22,000 zone.
The index is trading above 22,500 at the time of writing as a counter-trend rally towards the 24,400 – 24,500 zone resumes.
A break above 23,830 will confirm bulls are regaining control.

The NIFTY 50 INDEX is currently progressing higher towards the 24,000 level before the larger-degree trend turns lower again.

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