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)) should be progressing soon towards 25000 range before the drop resumes. Minuette (a)-(b)-(c) corrective wave is potentially unfolding as an expanded flat. 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 indicating a potential trend reversal at a larger degree after Intermediate Wave (5) Orange terminated around the 26300 mark in September 2024. Prices have already carved its initial impulse wave lower and is working on a corrective wave towards 25000-100 range.

NIFTY 50 INDEX had dropped to 15200 levels on June 2022 to terminate Intermediate Wave (4) Orange as marked on the daily chart. The index has carved a religious rally at Minor degree since then, clearly sub dividing into five waves through the 26300 mark.

Bears are now looking poised to remain in control and drag prices lower below the 23000 mark to complete the structure.

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)) should be progressing soon towards 25000 range before the drop resumes. Minuette (a)-(b)-(c) corrective wave is potentially unfolding as an expanded flat. Wave (b) looks near to termination around the 23000 mark. We will wait for Wave (c) to push through the 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 potential wave counts since 26300 high, which could be a major top terminating Minor Wave 5 of Intermediate Wave (5) Orange. The index has carved an impulse drop at Minute degree towards 22310 mark labelled as Minute Wave ((i)).

Further, the price action suggests a potential expanded flat being carved, which has terminated Wave (a) and (b) around 24845 and 23000 levels respectively. If correct, Wave (c) Orange should be underway higher soon towards 25000-100 range.

Alternatively, the entire structure could unfold as a zigzag at minute degree against 26300 high. Either way, the drop looks incomplete and bears should be back in control soon.

Conclusion:

NIFTY 50 INDEX is potentially carving an expanded flat Minute Wave ((ii)) towards 25000-100 zone before turning lower again.

Elliott Wave Analyst: Harsh Japee

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