📝 Analysis:
The Nifty 50 index has shown classic Elliott Wave behavior, with clear 5-wave structure completion observed on multiple timeframes.
🟢 90-minute Chart (Left Panel):
A full 5-wave Elliott structure is marked.
Price has completed wave 5, indicating potential exhaustion.
Oscillator shows momentum weakening with a potential bearish divergence developing.
Immediate downside correction zone is highlighted near ₹23,800.
🟠 15-minute Chart (Right Panel):
Expanding wave 4-5 move is observed.
Within the larger 4-5 wave, a smaller degree internal 5-wave uptrend has completed.
Negative divergence confirmed on histogram indicator, suggesting potential reversal or exhaustion.
The last leg (5th wave within 5) indicates aggressive short covering, often preceding exhaustion gaps.
📊 Key Trigger for Next Move:
Next day Gap Up (Exhaustion Gap) or Gap Down (Breakaway Gap) will be crucial.
Gap Up without follow-through indicates up-move halt → potential reversal.
Gap Down will confirm halt of up-move → initiate corrective decline towards ₹23,800.
Watch for candlestick confirmation post-gap.
🎯 Targets & Levels to Watch:
Immediate support: ₹23,800
Breakdown below this level could trigger deeper retracement.
Upside is limited unless fresh breakout sustains above current highs with volume.
⚠️ Risk Management:
Ideal to wait for GAP confirmation (opening tick next day).
Strict stop-loss if shorting should be placed above wave 5 high.
Avoid pre-emptive shorts without confirmation.
🟡 Disclaimer:
This analysis is for educational purposes only and should not be construed as financial advice. Please consult your financial advisor before taking any investment or trading decision. Markets are subject to high risks.
The Nifty 50 index has shown classic Elliott Wave behavior, with clear 5-wave structure completion observed on multiple timeframes.
🟢 90-minute Chart (Left Panel):
A full 5-wave Elliott structure is marked.
Price has completed wave 5, indicating potential exhaustion.
Oscillator shows momentum weakening with a potential bearish divergence developing.
Immediate downside correction zone is highlighted near ₹23,800.
🟠 15-minute Chart (Right Panel):
Expanding wave 4-5 move is observed.
Within the larger 4-5 wave, a smaller degree internal 5-wave uptrend has completed.
Negative divergence confirmed on histogram indicator, suggesting potential reversal or exhaustion.
The last leg (5th wave within 5) indicates aggressive short covering, often preceding exhaustion gaps.
📊 Key Trigger for Next Move:
Next day Gap Up (Exhaustion Gap) or Gap Down (Breakaway Gap) will be crucial.
Gap Up without follow-through indicates up-move halt → potential reversal.
Gap Down will confirm halt of up-move → initiate corrective decline towards ₹23,800.
Watch for candlestick confirmation post-gap.
🎯 Targets & Levels to Watch:
Immediate support: ₹23,800
Breakdown below this level could trigger deeper retracement.
Upside is limited unless fresh breakout sustains above current highs with volume.
⚠️ Risk Management:
Ideal to wait for GAP confirmation (opening tick next day).
Strict stop-loss if shorting should be placed above wave 5 high.
Avoid pre-emptive shorts without confirmation.
🟡 Disclaimer:
This analysis is for educational purposes only and should not be construed as financial advice. Please consult your financial advisor before taking any investment or trading decision. Markets are subject to high risks.
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.