From 25556 to 26092.5, GIFT Nifty formed a clear 5-wave impulse. This can be labelled as wave 1/A.
The decline from the high appears to be unfolding as a zigzag correction. Price is now sitting at a strong Fibonacci confluence zone:
This cluster is acting as immediate support.
If wave 2/B is complete here, we should see a strong impulsive bounce. A sustained rally can open the path for wave 3/C, potentially breaking above 26092.5.
However, a decisive break below 25556 invalidates this bullish structure.
This is a pure reaction zone. The next move will reveal whether this is accumulation — or just a pause before deeper downside.
Disclaimer:
This analysis is for educational purposes only and does not constitute investment advice. Please do your own research (DYOR) before making any trading decisions.
The decline from the high appears to be unfolding as a zigzag correction. Price is now sitting at a strong Fibonacci confluence zone:
- 1.618 extension of wave A from B near 25665
- 0.786 retracement of the entire 1/A rally near 25671
This cluster is acting as immediate support.
If wave 2/B is complete here, we should see a strong impulsive bounce. A sustained rally can open the path for wave 3/C, potentially breaking above 26092.5.
However, a decisive break below 25556 invalidates this bullish structure.
This is a pure reaction zone. The next move will reveal whether this is accumulation — or just a pause before deeper downside.
Disclaimer:
This analysis is for educational purposes only and does not constitute investment advice. Please do your own research (DYOR) before making any trading decisions.
WaveXplorer | Elliott Wave insights
📊 X profile: @veerappa89
📊 X profile: @veerappa89
Related publications
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.
WaveXplorer | Elliott Wave insights
📊 X profile: @veerappa89
📊 X profile: @veerappa89
Related publications
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.