Short term Elliott Wave view in Nifty suggests rally from 1.24.2024 low is in progress as a diagonal. Up from 1.24.2024 low, wave (i) ended at 22297.5 and pullback in wave (ii) ended at 21860.55. The Index then rallied higher in wave (iii) towards 22463.65 and dips in wave (iv) ended at 2224.35. Final leg wave (v) ended at 22526.6 which completed wave ((i)). Pullback in wave ((ii)) unfolded as a double zigzag Elliott Wave structure. Down from wave ((i)), wave (w) ended at 21905.65 and wave (x) ended at 22204.6. Wave (y) lower ended at 21710.54 which completed wave ((ii)) in higher degree.

The Index has turned higher in wave ((iii)). Up from wave ((ii)), wave (i) ended at 22080.95 and pullback in wave (ii) ended at 21883.3. Rally in wave (iii) ended at 22529.95 and pullback in wave (iv) ended at 22388.15. Expect the Index to extend higher in wave (v) to complete wave ((iii)). Afterwards, it should pullback in wave ((iv)) before turning higher again in wave ((v)). Near term, as far as pivot at 21710.54 low stays intact, expect dips to find support in 3, 7, or 11 swing for further upside.

Nifty 45 minutes Elliott Wave chart

Nifty Elliott Wave [Video]

 

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