NIFTY 50 Index Elliott Wave technical analysis [Video]

NIFTY 50 INDEX – NIFTY (1D Chart).

Elliott Wave technical analysis

• Function: Counter Trend (Minor Degree, Grey).

• Mode: Corrective.

• Structure: Zigzag Complete at Minute Degree.

• Position: Minute Wave ((c)).

• Details:

  • The alternate count is now the preferred one, with the Zigzag structure appearing complete at Minute degree ((a)) - ((b)) - ((c)).

  • The 22,700 - 22,800 zone could act as a potential termination area for Minute Wave ((c)), likely leading to a counter-trend rally soon.

  • A break above 23,800 will further confirm the move.

• Invalidation point: 26,400.

NIFTY 50 Index - Daily chart technical analysis and potential Elliott Wave counts

The NIFTY 50 daily chart analysis suggests that a major top was formed around 26,300 in September 2024.

A high-probability wave count indicates:

• The index carved Minute Wave ((a)) near 23,267, followed by Wave ((b)) and ((c)), reaching 24,900 and the 22,700 - 22,800 zone.

• Previously, the index formed Intermediate Wave (4) Orange near the 15,200 lows, followed by an impulse wave at Minor Degree (1-5) that pushed prices to 26,300, marking Wave (5)’s termination.

• Bulls may attempt a rally towards the 24,900 - 25,100 range in the near future. Alternatively, if the correction is complete at 22,700, the index could turn higher towards 26,300.

NIFTY Elliott Wave technical analysis

• Function: Counter Trend (Minor Degree, Grey).

• Mode: Corrective.

• Structure: Zigzag Complete at Minute Degree.

• Position: Minute Wave ((c)).

• Details:

  • The alternate count remains preferred, with Zigzag looking complete at Minute Degree ((a)) - ((b)) - ((c)).

  • Minute Wave ((c)) might have unfolded as an ending diagonal.

  • The 22,700 - 22,800 zone remains a potential termination area for Minute Wave ((c)), likely triggering a counter-trend rally soon.

  • A break above 23,800 will further confirm this move.

• Invalidation point: 26,400.

NIFTY 50 Index - Four-hour chart technical analysis and potential Elliott Wave counts

The NIFTY 50 4H chart highlights potential wave counts since the index reached the 26,280 - 26,300 high on September 27, 2024.

Wave structure adjustments suggest:

• The ((a)) - ((b)) - ((c)) Zigzag correction may have completed from the 26,280 highs.

• The initial drop to 23,257 has been labeled as Minute Wave ((a)), followed by Wave ((b)) reaching the 24,900 zone.

• Minute Wave ((c)) possibly unfolded as a diagonal structure, completing near the 22,700 - 22,800 zone.

• If this holds, the index could now:

  • Enter a counter-trend rally towards the 24,400 - 24,500 zone within a larger-degree correction.

  • Resume an upward move towards new highs above 26,300.

  • A break above 23,900 would confirm that bulls are back in control.

Conclusion

The NIFTY 50 INDEX appears to be progressing higher towards the 25,000 - 25,100 zone within a larger-degree corrective structure.

NIFTY 50 Index Elliott Wave technical analysis [Video]