Nifty 50 Elliott Wave UpdateNifty 50 IndexNSE:NIFTYtradingwickOur preferred Elliott Wave count suggests that the decline from the April high is unfolding as a corrective Wave (B) within a larger bullish structure that began from the March low near 22,000. The rally from the March bottom appears to have completed Wave (A), while the subsequent sideways-to-lower movement has developed into an A-B-C corrective pattern. The recent weakness is likely the final stage of this correction, bringing Wave (B) closer to completion. The area around 23,160 continues to be the most important support level. This zone aligns with previous demand, Fibonacci relationships, and the projected termination area of the corrective structure. As long as this support remains intact, the probability increases that the market is preparing for the next impulsive advance. Momentum indicators are also providing encouraging signals. Despite the recent decline, downside momentum has not expanded aggressively, and RSI has remained relatively stable. This type of behavior is often seen near the end of corrective waves, where selling pressure gradually weakens before a new trend begins. However, the bullish case still requires confirmation. The market needs to break above the 23,760–24,000 resistance region with conviction. A strong bullish move through this area would indicate that buyers have regained control and that the next Elliott Wave advance is underway. Should this breakout occur, the first objective would be the Fibonacci cluster near 24,720–24,800. A successful move through this region would strengthen the bullish structure and open the path toward 25,650–25,800. Beyond that, a larger Wave (C) advance could eventually extend toward the 26,800–27,450 region, where several higher-degree Fibonacci projections converge. The alternate scenario cannot be ignored. A sustained break below 23,160 would invalidate the current preferred count and suggest that the correction is not yet complete. In that case, the market could revisit lower support levels before establishing a more durable bottom. Overall, the evidence continues to favor the view that Nifty is in the later stages of a corrective phase rather than the beginning of a larger bearish trend. While confirmation is still required, the risk-reward profile is gradually improving for the bullish case. Action Plan Maintain a bullish bias while Nifty holds above 23,160. Look for confirmation only after a decisive move above 23,760–24,000. Use strength above resistance as confirmation of the next advancing wave. Reassess the bullish outlook if Nifty closes decisively below 23,160.