NIFTY 50 INDEX – NIFTY (1D Chart)

Elliott Wave Technical Analysis

• Function: Counter Trend (Minor Degree, Grey)
• Mode: Corrective
• Structure: Zigzag Complete at Minute Degree
• Position: Minute Wave ((c))
• Details:
  • The alternate count is now the preferred one, with the Zigzag structure appearing complete at Minute degree ((a)) - ((b)) - ((c)).
  • The 22,700 - 22,800 zone could act as a potential termination area for Minute Wave ((c)), likely leading to a counter-trend rally soon.
  • A break above 23,800 will further confirm the move.
• Invalidation Point: 26,400

(Click on image to enlarge)

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

The NIFTY 50 daily chart analysis suggests that a major top was formed around 26,300 in September 2024.

A high-probability wave count indicates:

• The index carved Minute Wave ((a)) near 23,267, followed by Wave ((b)) and ((c)), reaching 24,900 and the 22,700 - 22,800 zone.
• Previously, the index formed Intermediate Wave (4) Orange near the 15,200 lows, followed by an impulse wave at Minor Degree (1-5) that pushed prices to 26,300, marking Wave (5)’s termination.
• Bulls may attempt a rally towards the 24,900 - 25,100 range in the near future. Alternatively, if the correction is complete at 22,700, the index could turn higher towards 26,300.

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

• Function: Counter Trend (Minor Degree, Grey)
• Mode: Corrective
• Structure: Zigzag Complete at Minute Degree
• Position: Minute Wave ((c))
• Details:
  • The alternate count remains preferred, with Zigzag looking complete at Minute Degree ((a)) - ((b)) - ((c)).
  • Minute Wave ((c)) might have unfolded as an ending diagonal.
  • The 22,700 - 22,800 zone remains a potential termination area for Minute Wave ((c)), likely triggering a counter-trend rally soon.
  • A break above 23,800 will further confirm this move.
• Invalidation Point: 26,400

(Click on image to enlarge)

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

The NIFTY 50 4H chart highlights potential wave counts since the index reached the 26,280 - 26,300 high on September 27, 2024.

Wave structure adjustments suggest:

• The ((a)) - ((b)) - ((c)) Zigzag correction may have completed from the 26,280 highs.
• The initial drop to 23,257 has been labeled as Minute Wave ((a)), followed by Wave ((b)) reaching the 24,900 zone.
• Minute Wave ((c)) possibly unfolded as a diagonal structure, completing near the 22,700 - 22,800 zone.
• If this holds, the index could now:
  • Enter a counter-trend rally towards the 24,400 - 24,500 zone within a larger-degree correction.
  • Resume an upward move towards new highs above 26,300.
  • A break above 23,900 would confirm that bulls are back in control.

Conclusion

The NIFTY 50 INDEX appears to be progressing higher towards the 25,000 - 25,100 zone within a larger-degree corrective structure.

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