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

NIFTY 50 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 wave count is now the primary scenario, indicating a completed Zigzag structure at Minute degree ((a)) - ((b)) - ((c)).
• The 22,700 - 22,800 price range could act as a potential termination zone for Minute Wave ((c)), setting the stage for a counter-trend rally in the near term.
• A break above 23,800 would further validate the bullish move.

Invalidation Point: 26,400

NIFTY 50 INDEX - Daily Chart Technical Analysis & Elliott Wave Projections

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

High-Probability Elliott Wave Count:

• The index completed Minute Wave ((a)) near 23,267, followed by Wave ((b)) and ((c)), which progressed to 24,900 and then dropped to the 22,700 - 22,800 zone.
• Earlier, the index had marked Intermediate Wave (4) Orange near 15,200, followed by a Minor Degree impulse wave (1-5) that propelled prices to 26,300, confirming Wave (5)'s completion.
• Bulls could attempt a rally towards the 24,900 - 25,100 range in the near term. Alternatively, if the correction concludes at 22,700, the index may push higher, targeting 26,300.

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

Function: Counter Trend (Minor Degree, Grey)

Mode: Corrective

Structure: Zigzag Complete at Minute Degree

Position: Minute Wave ((c))

Details:

• The alternate count remains favored, with the Zigzag pattern appearing complete at Minute Degree ((a)) - ((b)) - ((c)).
• Minute Wave ((c)) may have developed as an ending diagonal structure.
• The 22,700 - 22,800 zone remains a critical support, potentially signaling a counter-trend rally.
• A break above 23,800 would further confirm bullish momentum.

 Invalidation Point: 26,400

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

The NIFTY 50 4H chart illustrates potential wave structure adjustments since the index peaked at 26,280 - 26,300 on September 27, 2024.

Updated Elliott Wave Count:

• The ((a)) - ((b)) - ((c)) Zigzag correction appears completed from the 26,280 highs.
• The initial drop to 23,257 is labeled as Minute Wave ((a)), followed by Wave ((b)) reaching 24,900.
• Minute Wave ((c)) likely formed as a diagonal structure, completing near 22,700 - 22,800.

Next Possible Scenarios:

 Counter-trend rally: The index could move towards the 24,400 - 24,500 zone, forming part of a larger-degree correction.
 Bullish breakout: A strong push higher could see the index aiming for new highs above 26,300.

 Confirmation: A break above 23,900 would signal that bulls are regaining control.

Technical Analyst: Harsh Japee

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Conclusion

The NIFTY 50 INDEX is positioned for a potential upside move, with prices likely progressing towards the 25,000 - 25,100 zone as part of a larger-degree corrective structure.

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