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

• Function: Counter Trend (Minor Degree, Grey)
• Mode: Corrective
• Structure: Zigzag
• Position: Minute Wave ((c))
• Invalidation Point: 26,400

Details:

The alternate wave count is currently preferred, with a potential ((a)) - ((b)) - ((c)) zigzag pattern appearing complete around the 22,500 - 22,550 zone. There is a high probability of a counter-trend rally emerging either from this level or near 22,100.

NIFTY 50 INDEX Daily Chart – Technical Analysis & Elliott Wave Counts

The NIFTY 50 Daily Chart suggests that a major top was established around the 26,300 mark in September 2024. A high-probability Elliott Wave count indicates:

• Minute Wave ((a)) / ((i)) formed around 23,267
• Wave ((b)) / ((ii)) followed by Wave ((c)) / ((iii)), moving toward 24,900 and the 22,500 - 22,550 zone
• Previously, the Intermediate Wave (4) Orange ended near the 15,200 lows, followed by a Minor degree impulse (Waves 1-5) that pushed prices to 26,300, marking the termination of Wave (5)

Bulls might attempt a rally towards the 24,700 range in the near future. However, if the correction ends at the 22,400 mark, there is a low probability of a move back toward the 26,300 mark.

• Elliott Wave Analyst: Harsh Japee

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

• Function: Counter Trend (Minor Degree, Grey)
• Mode: Corrective
• Structure: Zigzag
• Position: Minute Wave ((c))
• Invalidation Point: 26,400

Details:

The alternate wave count remains in focus, suggesting a ((a)) - ((b)) - ((c)) zigzag structure, which may be nearing completion around the 22,500 - 22,550 zone. A counter-trend rally remains likely from this level or near the 22,100 mark. Alternatively, NIFTY could be progressing within Minute Wave ((iii)), making it a sell on rallies.

NIFTY 50 INDEX 4H Chart – Technical Analysis & Elliott Wave Counts

The NIFTY 50 4H Chart highlights the sub-wave structures since the 26,280 - 26,300 high on September 27, 2024. Adjustments have been made to reflect a ((a)) - ((b)) - ((c)) zigzag pattern, likely completed from the 26,280 highs.

Alternatively:

• Minute Wave ((i)) - ((ii)) may be complete, with ((iii)) currently unfolding
• The initial drop to 23,257 has been labeled Minute Wave ((a)) / ((i))
• This was followed by Wave ((b)) / ((ii)), reaching 24,900
• Minute Wave ((c)) / ((iii)) might be nearing completion around the 22,500 - 22,550 zone

If this wave structure holds, a counter-trend rally toward 24,400 - 24,500 could materialize before either a larger correction or a push toward fresh highs above 26,300. A break above 23,750 will confirm that bulls have regained control.

Conclusion

The NIFTY 50 INDEX is currently moving lower toward the 22,000 - 22,100 zone within a larger corrective structure.

Elliott Wave Analyst: Harsh Japee

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