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

• 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.