Nifty Elliott Wave pattern with Fibonacci Breakout!

Trading using Fibonacci ratio and Elliott wave pattern is a powerful way to trade the markets.

Nifty showed highest closing since September 2024 and moving precisely as per Neo wave forecast.

Below chart shows internal counts of each movement which has been predicted

Nifty hourly chart:

Nifty Hourly Neo wave pattern:

The Nifty Hourly Chart clearly indicates that prices have been moving steadily higher, forming a well-defined diametric pattern as per NeoWave principles. This ongoing uptrend began from the crucial support zone of 21,700, and since then, the market has been progressing through the different legs of this diametric structure. At present, prices are unfolding within Wave G.

We anticipated this reversal early on and turned strongly bullish when prices rebounded sharply from the 25,440 support level. This level aligned perfectly with our research outlook, and we even communicated across our research reports and social media that traders should “get ready for an 800-point up move.” True to that projection, Nifty has shown a robust rally, coming very close to completing the expected 800-point rise, with the today’s trading session marking a high above 26,200.

Based on the current structure, there is a strong likelihood that Nifty is developing a zigzag formation within the larger ongoing Wave G. A diametric pattern consists of seven corrective legs and typically showcases a sequence of contraction followed by expansion. True to that characteristic, the market’s behavior is aligning well with this expected rhythm.

Within this framework, Wave G has the potential to extend toward 61.8% of Wave A, which projects an upside target around 26,600. However, before aiming for this extended target, we would like to see Nifty first surpass its previous lifetime high at 26,400. A decisive move above this level will strengthen the case for the next leg higher toward 26,600.

On the downside, immediate support is situated around 25,970. As long as Nifty does not close below the prior day’s low, the broader trend remains firmly positive, and the market is likely to continue drifting higher.

At this stage, traders should avoid the temptation to call a top. Instead, it is prudent to continue riding the trend by following a disciplined trend-following approach. We have long highlighted that the market is entering the “mother of all bull markets,” and recent price action reinforces that this larger bullish cycle has resumed with renewed momentum.

In a nutshell, as long as prices manages to protect prior day’s low on closing basis we can expect the upside target of 26400 followed by 26600 levels.

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