NIFTY 50 (Indian Stocks) Elliott Wave technical analysis [Video]

NIFTY 50 Index – 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 and 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.

NIFTY 50 Index – 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

NIFTY 50 Index four-hour chart – Technical analysis and 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.