Detailed Elliott Wave & Technical Analysis of Nifty FMCG IndexNifty FMCG IndexNSE:CNXFMCGanshitaa_sabherwalMy latest technical breakdown of the Nifty FMCG index reveals a compelling picture of both long-term strength and recent corrective activity. Here's my full Elliott Wave and classic chart pattern analysis: ✅ The Impulse Phase (Complete) • Wave 1 & 2: The starting impulse (W1) and its corresponding correction (W2) are clearly identifiable. • Wave 3 (W3): A powerful, extended impulse wave and the strongest part of the entire move. We see dynamic bullish momentum on the chart. • Wave 4 (W4) - Consolidation Box: A classic Wave 4 correction is highlighted by the green consolidation box. This period of range-bound price action allowed the market to absorb gains and build a base. The "Final 4" label marks its conclusion. • Wave 5: A final, strong upward thrust completing the larger degree impulse structure. 🚨 Profit Booking & Current Correction (Yellow Box) • Following the completion of the 5-wave impulse, the market has entered a corrective phase. • The "Profit Booking" label marks the top, followed by a red "Wave 1" (A-wave). • Price is currently in the "Yellow Box" consolidation area, which I interpret as a running B-wave (Wave 2 correction of the downtrend). 📉 Short-Term Targets (Downside Bias) • A running B-wave implies weakness in the primary corrective move, suggesting the subsequent "Wave 3" (C-wave) to the downside should follow. • The chart clearly outlines multiple key support levels, which can be viewed as targets for this next potential leg down: ◦ Level 1: 50,465 ◦ Level 2: 45,112 ◦ Level 3: 41,683 ◦ Level 4: 35,452 Market Interpretation: The overall analysis suggests the secular bull run has completed its main phase. We are currently navigating a multi-layered corrective period (Wave 4 at one degree, and a major A-B-C correction at a higher degree). The formation of a potential running correction in the "Yellow Box" adds further bearish weight, indicating the path of least resistance is likely downwards towards the identified targets until significant support is found. This analysis is for educational purposes only and not investment advice. Happy trading! #NiftyFMCG #ElliottWave #TechnicalAnalysis #ChartAnalysis #StockMarketIndia #FMCGSector #TradingStrategy