Nifty 50 daily chart analysis using multiple technical methodologies, including Elliott Wave Theory, Fibonacci Ratios, Gann Angles, Pivot Points, and Trendlines. The analysis will include: Nifty 50 Daily Chart Technical Analysis 1. Elliott Wave Theory ( NIFTY 50 Elliott Wave Analysis: Trend Reversal and Forecast for 2025 - Elliott Wave Trading Education > Blogs List ) Figure: Nifty 50 daily chart with a labeled Elliott Wave count, showing a five-wave advance into late 2024 (peak near 26,300) followed by a corrective decline. The chart suggests the recent down-move is part of a Wave ((ii)) correction (grey labels), with an expected Wave ((iii)) to the downside to follow (orange projection). This aligns with the view that the prior bullish cycle (Wave (5) in orange) has completed, and the index is now in a multi-wave corrective phase. According to Elliott Wave analysis, Nifty’s uptrend peaked in late September 2024 after a five-wave impulse rally ( NIFTY 50 Elliott Wave A...
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