NIFTY Elliott Wave Outlook – Wave 3 Expansion Mode Ahead? | Daily Chart

 

Current Structure

Nifty appears to be progressing inside a major Impulse Wave structure.
The recent rally suggests that price is currently inside Wave (3) of a larger degree cycle.

Wave Count Overview

• Wave (1) completed near ~26,000 region

• Wave (2) retracement completed near 25,313 – 24,334 zone

• Current structure indicates ongoing Wave (3), subdividing into:

  • i completed

  • ii pullback completed near 25,800–25,900

  • Now likely progressing into Wave iii higher

Upside Price Projections

If Wave (3) continues as expected, possible resistance / target clusters:

Elliott Target	Level Zone
Wave iii	26,755 – 27,500
Wave v of 3	28,255 – 29,170
Completion of Wave (3)	30,689 – 31,250 / 32,170

The zone 28,800 – 29,200 appears to be a strong confluence area where wave 3 extension may pause.

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Support Zones

Support Levels	Importance
26,205 – 26,000	Short-term support
25,313	Higher-degree wave 2 pivot
24,334	Major trend reversal invalidation

As long as price holds above 25,313, the bullish Elliott count remains valid.

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Wave Invalidations

• Break below 25,313 = wave structure weakens → deeper correction into 24,334

• Break above 26,755 = strong confirmation of Wave iii continuation

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Trading Bias

📈 Bullish Bias

• Buy on dips towards supports above trend channel

• Targeting higher zones of 27,500 → 29,000 → 31,000+

⚠️ Bearish Short-term View

• Temporary corrections possible near channel resistance

• Profit-booking likely in 27,500 / 28,250 / 29,170 zones

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Conclusion

Nifty remains structurally bullish in the medium term while it trades above 25,313.
The Elliott Wave count indicates a powerful Wave (3) rally unfolding, with potential to push towards 29,000 – 31,000+ in coming weeks/months.

The key trigger for upside expansion = breakout & sustained hold above 26,755.