NIFTY Futures — Elliott Wave Count: Wave 5 Downside SetupGIFT NIFTY 50 INDEX FUTURESNSEIX:NIFTY1!shiva560060The chart presents a larger ABC corrective structure from the previous high, with the current decline developing as the next impulsive leg. Short term - Bullish... Elliott Wave Structure * Wave A: The initial major decline from the ~26,500 area toward 22,050, completing the first leg of the correction. * Wave B: A complex corrective recovery followed, forming an A-B-C structure and ultimately reaching the ~24,800 region. * From the Wave-B peak, the market appears to be developing the final Wave C decline. Current Wave C Count Within Wave C, the chart is marked as: (1) → (2) → (3) → (4) → (5) * Wave (1): Initial decline from the ~24,800 region. * Wave (2): Corrective rebound. * Wave (3): Strong downside expansion toward the ~22,400–22,500 region. * Wave (4): The expected corrective rebound, with the chart projecting an ABC structure. * Wave (5): Final impulsive decline expected after Wave (4) completes. Immediate Path The blue A-B-C structure marked on the chart represents the anticipated Wave (4) correction: A → B → C The projected C-leg rebound could take NIFTY toward the 23,600–23,800 zone, where the chart shows resistance and the expected completion area for Wave (4). From that region, if the structure behaves as marked, the next move would be Wave (5) to the downside, with the chart targeting approximately 22,050. Key Levels 23,600–23,800: Expected Wave (4) rebound/resistance zone ~22,050: Major downside target / potential Wave-C completion zone Above ~23,800: Would require reassessment of the present Wave (4)/Wave (5) projection and could indicate that the correction is developing differently. The key feature of this setup is that the projected rebound is corrective rather than a confirmed trend reversal. The subsequent rejection from the Wave (4) zone would be important for confirming the proposed Wave (5) path. Idea Rating: 8.5/10 Disclaimer: This Elliott Wave analysis is for educational purposes only and is not financial advice. Elliott Wave counts are interpretive and can change as price develops. The projected levels and wave structure are based solely on the chart setup and should be independently verified with price action and risk management. Trading involves substantial risk.