Elliot Wave Analysis for NIFTY 50
Nifty 50 is the stock market index of India consisting of the 50 largest listed companies, based on their market capitalization. It was introduced in April 1996 and is the main of 2 stock indices. The other is the BSE Sensex.
The sectors of industries that NIFTY 50 covers are 13, including Banking, Pharmaceutical, Real Estate, Technical Services, Financial Services, Energy, construction, Automobiles, etc.
The NIFTY 50 now is traded at 16416,35 points, almost near its high value at 18604,35 made in November 2021. After the pandemic started a rally from 7511,10 points in March 2020, where it ended up at its all-time high.
Monthly Range: Completing wave (3)

Due to the fresh diagram that NIFTY 50 has, our counting on the monthly trading chart (log scale) – depending on the duration – considers that it is unfolded an impulse of Primary degree waves. Thus, we can see the completed ((1)) and ((2)) Primary waves and the continuation of the uptrend, where it formed the (1) and the (2) Intermediate waves of the ((3)) Primary wave. We were referred to the end of the (2) Intermediate which was the points of the Pandemic.
Having joined the ends of the 2 the second different degree waves – the ((2)) Primary and the (2) Intermediate – we were drawn a parallel line to predict the expecting prices in the case of touching the upper and bottom lines. As we observe in the (1) Intermediate wave, the touching of the lines is consistent and was alternated between the middle and the upper trendlines. Because of the proven completion of the (2) Intermediate wave, the market is trying to construct the (3) of the ((3)), which according to the Elliot wave principle is a very strong wave.
Weekly Range: Completing wave (3)

At the weekly trading chart (log scale), we are sure that so far, this is not the end of the (3) Intermediate, and the market has to avoid penetrating the support level of the end of (1), at 11760,20 points. Of course, if this is the case, then we will reconsider this upside as of the 1 Minor wave of the (3) Intermediate of the ((3)) Primary wave. There are many chances that the (3) will also be an impulse of Minor degree waves.
The path of the basic scenario shows where the final ((5)) Primary wave can be reached. As the title suggests, the market may exceed the 52340 points, in which the ((1)) is equal to the ((3)) Primary wave.
Daily Range: Completing wave (3)

Keeping up closer to the daily trading chart (log scale), the decline for (2) was too shallow for the characteristics of a second wave, reaching only the 23,6% Fibonacci retracement levels. This shallowness justifies the extension of the (3) wave if the market falls. Therefore, the Fibonacci retracement levels in any drop-down are 23,6%, 38,2%, 50%, 61,8%, and 78,6% of the 1 Minor wave of the (3) Intermediate wave. The price would be 14939,15, 13140,55, 11797,25, 10,615,50, and 9134,38 points respectively.
In the first 3 of them, the market doesn’t overlap the territory of the (1) Intermediate wave, whereas in the rest 2, overlaps. This doesn’t mean that we have 2 scenarios, we just conclude that of not labeling any third wave as a diagonal, we have to label the chart as 1-2,1-2 waves, to not break the rules of Elliot wave Theory. Be aware of any decline, but keep in mind that any correction to proven support levels, will be an advantage for making a profit to a risk/reward ratio that exceeds the 2:1.
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