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 expected to move towards the 25,000 range before resuming its downward trend. A Minuette (a)-(b)-(c) corrective wave appears to be developing as an expanded flat. Short positions are advisable near the 25,000-25,100 range.

Invalidation Point: 26,400

NIFTY 50 INDEX Daily Chart Technical Analysis and Elliott Wave Counts

The daily chart of NIFTY 50 INDEX indicates a potential larger-degree trend reversal after Intermediate Wave (5) Orange ended near 26,300 in September 2024. Following this peak, the index initiated an impulse wave lower and is now in a corrective phase targeting the 25,000-25,100 range.

Key observations include:

• The NIFTY 50 dropped to 15,200 in June 2022, marking the end of Intermediate Wave (4) Orange on the daily chart.
• Since then, the index has exhibited a Minor degree rally, subdividing into five waves, culminating around the 26,300 level.
• Bearish sentiment is likely to dominate further, pushing prices below 23,000 to complete the larger-degree wave 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)) is advancing towards the 25,000 range, setting up for the next downward move. The corrective Minuette (a)-(b)-(c) wave is potentially forming an expanded flat pattern. Wave (b) seems to have completed near the 23,000 mark, while Wave (c) is likely to reach the 25,000-25,100 range, where short positions could be initiated.

Invalidation Point: 26,400

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

The 4-hour chart highlights potential wave counts from the 26,300 high, which might have marked the termination of Minor Wave 5 within Intermediate Wave (5) Orange. The price action has formed an initial impulse drop to 22,310, labeled as Minute Wave ((i)).

Key observations include:

• An expanded flat structure is forming, with Wave (a) and Wave (b) terminating around 24,845 and 23,000, respectively.
• If this count holds, Wave (c) Orange is expected to rise towards the 25,000-25,100 range.
• Alternatively, the structure could evolve into a zigzag correction at the minute degree. In either scenario, the overall downtrend remains intact, and bearish momentum is expected to resume soon.

Technical Analyst: Harsh Japee

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Conclusion

The NIFTY 50 INDEX appears to be developing an expanded flat Minute Wave ((ii)), likely reaching the 25,000-25,100 zone before resuming its downward trajectory.