Warning: NIFTY May Not Have Bottomed YetNifty 50 IndexNSE:NIFTYBrightRally_ResearchElliott Wave Overview: NIFTY 50 (spot) is currently forming a corrective structure. There are multiple valid ways to label this chart, but this count is selected based on Elliott Wave alternation guidelines. Corrective structure is a normal flat. The index appears to have completed wave (X) at 26323.20, and wave (Y) is now unfolding. So far, wave (Y) has retraced approximately 78.6%, while a typical flat correction often extends toward 100% retracement of wave (A). At present, the market seems to be progressing within wave (iii) of the larger decline, with its sub-waves already in motion. A key level to watch is 21858.7, where: Wave (Y) = Wave (W) (price equality) This level may act as a potential demand zone. Wave scenarios: Once wave (iii) is complete, a wave (iv) bounce is expected. This wave (iv) is likely to be choppy, time-consuming, and lacking strong momentum. After this corrective phase, the market is expected to resume its decline, forming wave (v) and completing the larger wave (Y). From a bullish perspective, if the index convincingly breaks above the wave (iv) structure, it could signal the first signs of strength from the bulls. In that case, a base formation may develop, with potential upside extending toward wave B levels. However, it is important to note that even after the completion of wave (v), any bounce may remain limited in strength, especially if wave (iii) is still extending and has not fully completed yet. By @BrightRally_Research This is not financial advice. Always manage your risk.