Nifty 50 Index Chart Technical Analysis and potential Elliott Wave Counts: Nifty seems to have terminated Minor Wave 5 of Intermediate Wave (5), within Primary Wave ((5)) around 25100-50 mark on August 01, 2024. The indice most probably terminated Cycle Wave 3 and should be preparing to produce a meaningful corrective wave lower. A break below 21000 mark, which is Minor Wave 4, should confirm the above bearish outlook and a much deeper correction ahead. It is worth noticing that the Elliott Channel resistance has also been tested just above the 25000 mark before prices reversed sharply. Alternatively, if prices carve a lower degree corrective wave staying above 21000 mark, it could continue higher and challenge 25100 high. Having said that, probability remains high for a larger degree corrective drop against 25100 mark. 
Nifty 50 Index 4 Hour Chart Technical Analysis and potential Elliott Wave Counts: Let us focus on the 4H chart price action since August 01, 2024 high at 25100 mark. The indice has declined sharply carving a potential Minor Wave 1 around 24900 levels or it could print yet another low to complete the impulse wave. Also note Minute Wave ((iv)) has been broken around 24070-80 mark, which could be the first sign of a larger correction. It could be still early to conclude a major top at 25100 but upside remains limited from here. If the above wave count holds well, we should see Minor Wave 2 underway soon. Alternatively, a lower degree wave iv is being carved right now, which shall be followed by wave v below 23900 to complete the first impulsive structure. Either way, probabilities remain high for bears to stay in control as long as prices stay below 25100 mark. 
Conclusion: Nifty 50 has either carved a major top (25100) at multiple degrees or is close to terminating soon. Traders could prepare for an intermediate degree correction after a break below 21000 mark. More By This Author:XAUUSD Commodity Elliott Wave Technical Analysis – Friday, August 9
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