NIFTY 50 Index: A Look at Elliott Wave Decline from its All time high (Peak)
Nifty 50 Index has lost over -7.4% since the peak in December 2023. It has been a sharp price decline with a sizeable recovery in the middle before the decline resumed again. Today we will take a look at Elliott wave structre of the decline from its recent peak, Show some charts from members are to explain how we have been calling it lower for a while and now that December 23 low has been broken, and we have seen a massive price drop today.
Going ahead what will be the next target for the broader index? Well the market will witness some more selling pressure till the Budget day, the index is already unfolding in the 5 wave structure towards 17400, 17000 zones.
Exhibit: Nifty 50 Index, Line Chart
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