Image Source: UnsplashNIFTY 50 INDEX – NIFTY (1D Chart) Elliott Wave Technical AnalysisFunction: Counter Trend (Minor degree, Grey.)Mode: CorrectiveStructure: Impulse within larger degreePosition: Minute Wave ((ii)).Details: Minute Wave ((ii)) could be progressing towards the 25000 range before the drop resumes. The correction is unfolding as an expanded flat. Alternatively, the entire structure from 26300 high is unfolding as a correction at a Minute degree.Invalidation point: 26400NIFTY 50 INDEX Daily Chart Technical Analysis and Potential Elliott Wave Counts:NIFTY 50 INDEX daily chart suggests a major top in place around the 26300 mark in September 2024. The index has since reversed lower carving Minute Wave ((i)) around the 23267 mark and is unfolding a potential expanded flat corrective wave towards the 25000-100 zone.The index terminated Intermediate Wave (4) around the 15200 mark in June 2022. Bulls managed to produce a religious rally at a Minor degree marked as Minor Waves 1 through 5 pushing through 26300 levels before reversing.
NIFTY 50 INDEX – NIFTY (4H Chart) Elliott Wave Technical AnalysisFunction: Counter Trend (Minor degree, Grey.)Mode: CorrectiveStructure: Impulse within larger degreePosition: Minute Wave ((ii)).Details: Minute Wave ((ii)) could be progressing towards the 25000 range before the drop resumes. The correction is unfolding as an expanded flat marked as Minuette (a)-(b)-(c) on the 4H chart. Alternatively, the entire structure from 26300 high is unfolding as a correction at the Minute degree ((a))-((b))-((c)).Invalidation point: 26400NIFTY 50 INDEX 4H Chart Technical Analysis and potential Elliott Wave Counts:NIFTY 50 INDEX 4H chart is highlighting the potential counts since the indice rallied through the 26280-300 high on September 27, 2024. The initial drop to 23267 low sub divided into five waves labelled as Minute Wave ((i)).The structure thereafter could be seen unfolding as a potential expanded flat (a)-(b)-(c), which could prepare to push towards 25000-100 region going forward. Prices need to break above 24255 resistance to confirm further.Alternatively, the entire structure from 26300 highs could be a corrective ((a))-((b))-((c)) wave as bulls prepare to come back in control. Either way, looking higher in the short term.
Conclusion:NIFTY 50 INDEX is progressing higher towards 25000-100 zone within Minuette Wave (c) Orange to terminate Minute Wave ((ii)).Elliott Wave Analyst: Harsh JapeeSource: Tradinglounge.comMore By This Author:Elliott Wave Forecast: S&P 500, Nasdaq 100, DAX 40, FTSE 100 & ASX 200
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