Nifty Elliott Wave: Calling For A Rally After Corrective Pullback

In this technical block we’re going to take a quick look at the Elliott Wave charts of NIFTY Index published in members area of the website.

Recently, NIFTY completed a 3-wave corrective pullback following a 5-wave impulsive rally, creating a classic Elliott Wave bullish sequence. The index unfolded a clear 3-wave move lower from the peak and reached the Equal Legs zone, a key area where buyers were expected to step in. In the following analysis, we will examine the Elliott Wave structure in detail and discuss the potential market outlook from this support zone.

NIFTY Elliott Wave 1  Hour  Chart 07.23.2026

NIFTY is currently forming an intraday 3-wave pullback from the recent highs.  Correction looks incomplete at the moment. The price structure is looking for another wave down. As our members know, the buying zone is derived by measuring the Equal Legs area using the Fibonacci extension tool. The ideal support zone comes in at 23641.9-23192.3. From this area, we expect buyers to step in and regain control, potentially driving price higher toward new highs.

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NIFTY Elliott Wave 1  Hour  Chart 07.29.2026

NIFTY index has found buyers at the Equal Legs zone, exactly as expected. We saw a strong reaction from the buying area, followed by a sharp rally.

As a result, any long positions taken from the Equal Legs zone are now risk-free. We expect the index to continue trading higher and challenge the previous peak from July 7th. A break above that level would confirm further strength and increase the probability of a continuation higher.

In that scenario, we will look for the next buying opportunities, targeting new setups within a potential 3-7-11 swing structure.

Important note: Our analysis is not based on Elliott Wave in isolation. We perform detailed higher-time-frame cycle analysis, which shows an incomplete market structure. This is one of the key drivers of price action, along with correlation analysis and broader market context.

We also teach our members in live analysis sessions how to identify incomplete bullish and bearish sequences.  Even a  14-day trial,  is enough to noticeably improve your trading analysis and forecasting approach.