Nifty 50 Index Elliott Wave technical analysis [Video]
|NIFTY 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 Sep
-
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 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.
The NIFTY 50 INDEX four-hour 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 potentia
lly 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.
PS: TradingLounge subscribers receive Daily NIFTY 50 INDEX Trade Setup Videos with Elliott Wave Counts.
Nifty 50 Index Elliott Wave technical analysis [Video]
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.