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

Technical Analysis Overview

• Function: Counter Trend (Minor Degree, Grey)
• Mode: Corrective
• Structure: Zigzag
• Position: Minute Wave ((c))
• Details:
  • The alternate count is now preferred, with a potential ((a)) - ((b)) - ((c)) Zigzag pattern appearing complete in the 22,000 - 21,900 zone.
  • High probability remains for at least a counter-trend rally towards the 23,700 - 24,000 range.
  • Alternatively, a further decline from the current levels could target the 21,300 - 21,400 range, aligning with Minor Wave 4 of the previous uptrend.
• Invalidation Point: 26,400

NIFTY 50 INDEX - Daily Chart Technical Analysis & Potential Elliott Wave Counts

The NIFTY 50 INDEX daily chart suggests a major top formation around 26,300 in September 2024.

• A high-probability wave count suggests that the index carved Minute Wave ((a))/((i)) around the 23,267 mark, followed by Wave ((b))/((ii)) and ((c))/((iii)) towards 24,900 and the 22,500 - 22,550 zone, before turning lower.
• Previously, the index formed Intermediate Wave (4) Orange around the 15,200 lows. Since then, an impulse wave at Minor Degree (1-5) pushed prices to 26,300, marking the termination of Wave (5).
• Bulls may attempt a rally towards the 24,000 range in the near term. However, a deeper correction towards 15,000 levels remains highly probable in the long run.

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

Technical Analysis Overview

• Function: Counter Trend (Minor Degree, Grey)
• Mode: Corrective
• Structure: Zigzag
• Position: Minute Wave ((c))
• Details:
  • The alternate count is now preferred, with a potential ((a)) - ((b)) - ((c)) Zigzag pattern appearing complete in the 22,000 - 21,900 zone.
  • High probability remains for at least a counter-trend rally towards the 23,700 - 24,000 range.
  • Alternatively, a further decline from the current levels could target the 21,300 - 21,400 range, aligning with Minor Wave 4 of the previous uptrend.
• Invalidation Point: 26,400

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

The NIFTY 50 INDEX 4H chart highlights sub-waves after reaching 26,280 - 26,300 highs on September 27, 2024.

• Minute Waves ((a)) - ((b)) - ((c)) Zigzag appears complete from the 26,280 highs.
• Alternatively, Minute Wave ((i)) - ((ii)) might be complete, with ((iii)) potentially still developing.
• The initial drop to 23,257 has now been labeled as Minute Wave ((a))/((i)), followed by Wave ((b))/((ii)) through the 24,900 zone.
• Minute Wave ((c))/((iii)) appears potentially complete in the 21,900 - 22,000 zone.
• The index is trading above 22,500 at the time of writing as a counter-trend rally towards the 24,400 - 24,500 zone resumes.
• A break above 23,830 will confirm bulls are regaining control.

Conclusion

The NIFTY 50 INDEX is currently progressing higher towards the 24,000 level before the larger-degree trend turns lower again.

Technical Analyst : Harsh Japee

More By This Author:

Unlocking ASX Trading Success: Newmont Corporation - Thursday, March 6
Elliott Wave Technical Analysis: Australian Dollar/U.S. Dollar - Thursday, March 6
Elliott Wave Technical Analysis Dogecoin Crypto Price News Today