NIFTY 50 INDEX – NIFTY (1D Chart) Elliott Wave Technical Analysis

Function: Counter Trend (Minor degree, Grey.)

Mode: Corrective

Structure: Impulse within larger degree

Position: Minute Wave ((ii)).

Details: Minute Wave ((ii)) is progressing towards 25000 range before the drop resumes. Minuette (a)-(b)-(c) corrective wave is potentially unfolding as an expanded flat. If correct, Wave (c) should be underway soon. We will wait for 25000-100 range to recommend short positions.

Invalidation point: 26400

NIFTY 50 INDEX Daily Chart Technical Analysis and potential Elliott Wave Counts:

NIFTY 50 INDEX daily chart is suggesting a major top in place around 26300 mark in September 2024. The index has reversed lower carving Minute Wave ((i)) around the 23267 mark. It is unfolding a potential expanded flat corrective wave towards 25000-100 zone since then.

The index terminated Intermediate Wave (4) around 15200 mark in June 2022. Since then, bulls have managed to push through 26300 zone sub dividing into five waves at Minor degree marked as Wave 1 through 5.

It the above structure holds well, NIFTY 50 INDEX has turned lower to unfold a corrective pattern at a larger degree against 26300 mark.

NIFTY 50 INDEX – NIFTY (4H Chart) Elliott Wave Technical Analysis

Function: Counter Trend (Minor degree, Grey.)

Mode: Corrective

Structure: Impulse within larger degree

Position: Minute Wave ((ii)).

Details: Minute Wave ((ii)) is progressing towards 25000 range before the drop resumes. Minuette (a)-(b)-(c) corrective wave is potentially unfolding as an expanded flat. If correct, Wave (c) should be underway higher soon. We will wait for 25000-100 range to recommend short positions.

Invalidation point: 26400

NIFTY 50 INDEX 4H Chart Technical Analysis and potential Elliott Wave Counts:

NIFTY 50 INDEX 4H chart is highlighting the potential counts since the indice hit 26280-300 high on September 27, 2024. The initial drop to 23267 low was an impulse at Minuette Degree labelled as Waves (i) through (v) Orange to terminate Wave ((i)) at Minute degree.

The structure thereafter could be seen as a potential expanded flat (a)-(b)-(c), which could be pushing towards 25000-100 region going forward. Please note Wave (b) might have unfolded as a combination w-x-y Grey (Sub Minuette).

If the above is correct, bulls should be underway towards 25000-100 range and a break above 23430 will confirm.

Conclusion:

NIFTY 50 INDEX is progressing higher towards 25000-100 zone within Minuette Wave (c) Orange to terminate Minute Wave ((ii)) against 23000 mark.

Elliott Wave Analyst: Harsh Japee

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