NIFTY ELLIOT WAVE ANALYSIS - Wave b(4)
Potential Wave B Completion in Wave 4 Correction
Currently, Nifty appears to be in Wave B of an ongoing Wave 4 correction in the Elliott Wave structure. The price action suggests the possibility of filling the gap around the 81.2% retracement level, following which a decline in the form of Wave C might unfold.
Key Levels to Watch:
Resistance Zone: 25,600–25,700
Potential Scenario:
Currently, Nifty appears to be in Wave B of an ongoing Wave 4 correction in the Elliott Wave structure. The price action suggests the possibility of filling the gap around the 81.2% retracement level, following which a decline in the form of Wave C might unfold.
Key Levels to Watch:
Resistance Zone: 25,600–25,700
- This level could act as a key resistance, capping the upward move of Wave B.
- Support Zone: 22,700–22,800
- On the downside, this area may provide significant support and serve as the target for Wave C.
Potential Scenario:
- Wave B could complete after testing the resistance zone, forming a bearish reversal.
- If the gap fill around the 81.2% Fibonacci retracement occurs, it might signal the transition into Wave C.
- Wave C could drive prices lower toward the support zone, completing the corrective structure.
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