Nifty Option 1 - BearishNifty 50 IndexNSE_DLY:NIFTYGautamkhanna📊 NIFTY 50 – Elliott Wave Analysis | October 2026 The Nifty 50 appears to be developing a larger corrective structure after completing a major 5-wave advance from the 2023–24 lows. On the current count, the index is potentially forming a Wave C decline, with the initial impulsive structure suggesting that the larger bearish move may still have significant room to unfold. 🔹 Immediate View: The current setup indicates a possible completion of the smaller Wave (1) near the recent lows, followed by a corrective Wave (2) bounce. 🔹 Upside Targets for Wave (2): • Target 1: 22,808 • Target 2: 23,568 These levels represent potential resistance zones where the corrective bounce could face selling pressure. 🔻 Larger Bearish Scenario: If the Wave (2) recovery completes within the projected zone, the next leg could develop as Wave (3) to the downside, followed by a Wave (4) corrective bounce and then another decline in Wave (5). The chart projects potential longer-term downside levels around: 🎯 18,243 🎯 16,698 The key factor is how price behaves around the 22,808–23,568 resistance zone. A sustained move above this region would require reassessing the current wave count, while rejection from this zone would strengthen the bearish scenario. ⚠️ Important: Elliott Wave analysis is a probability-based framework, not a certainty. Wave counts can change as price develops, so always use appropriate risk management and confirmation before taking any trade. #Nifty50 #Nifty #ElliottWave #ElliottWaveAnalysis #NiftyAnalysis #StockMarketIndia #TechnicalAnalysis #WaveCount #NSE #TradingIndia