In this long-term monthly chart, I’ve applied Elliott Wave Theory to map out a classic 5-wave impulse pattern in the Nifty Midcap 100 Index.
✅ Wave 1–2: Initial breakout and healthy correction post-COVID lows.
✅ Wave 3: Strong, extended uptrend—typically the most powerful wave.
✅ Wave 4: Complex sideways correction, holding above prior Wave 1 highs.
🚀 Wave 5 (Projected): Currently unfolding, with potential to reach the upper trendline of the rising channel, supported by Fibonacci extension zones.
Wave 5 could extend towards 65,000–75,000, depending on market strength and momentum divergence.
This analysis is for educational and informational purposes only. Please do your own research or consult a financial advisor before making investment decisions.
✅ Wave 1–2: Initial breakout and healthy correction post-COVID lows.
✅ Wave 3: Strong, extended uptrend—typically the most powerful wave.
✅ Wave 4: Complex sideways correction, holding above prior Wave 1 highs.
🚀 Wave 5 (Projected): Currently unfolding, with potential to reach the upper trendline of the rising channel, supported by Fibonacci extension zones.
Wave 5 could extend towards 65,000–75,000, depending on market strength and momentum divergence.
This analysis is for educational and informational purposes only. Please do your own research or consult a financial advisor before making investment decisions.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.