NIFTY Completes Correction, Sets Stage for Bullish RallyNifty 50 IndexNSE_DLY:NIFTYElliottwave-ForecastNifty completed its correction from the June 2022 low with a running flat structure at 22174.2, labeled as wave II. From this pivot, the Index advanced into wave III. To confirm the bullish sequence, it must break above the January 5, 2026 high at 26373.2. Without that decisive move, the risk of a double correction remains. Yet with the S&P 500, Nasdaq 100, and Russell 2000 all reaching new all-time highs, the probability of such a scenario has diminished. The April 2, 2026 low at 22174.2 now stands as a more reliable base. The rally from wave II unfolded in a clear impulsive Elliott Wave structure. Wave 1 ended at 22798.25, followed by a corrective wave 2 that terminated at 22542.95. The Index then surged in wave 3 to 24400.95. A modest dip in wave 4 concluded at 24096.05. The final leg, wave 5, extended to 24601.7, completing wave (1) of higher degree. At present, wave (2) is unfolding as a corrective phase. This retracement addresses the cycle from the April 2, 2026 low before the next upward advance resumes. As long as the pivot at 22174.2 remains intact, buyers should continue to emerge. The correction is expected to unfold in either three or seven swings, setting the stage for renewed strength and further upside in the broader trend.