NIFTY: Final 5th Wave Underway? Long-Term Elliott Wave Perspecti

# NIFTY – THE FINAL 5TH WAVE MAY HAVE BEGUN! **Long-Term Elliott Wave Analysis | NIFTY** Nifty's long-term structure from the COVID low presents an interesting Elliott Wave picture. The first major impulse wave was followed by a correction, and the subsequent third wave travelled approximately 11,093 points — almost equal to the length of wave 1. The major development is the fourth-wave correction. My preferred count identifies this correction as a triangle formation, with its A-B-C-D-E structure now appearing complete. The recent upward movement from the E-wave low suggests that the final fifth impulse wave has already started. **Some important observations:** 1. Wave 3 was approximately equal to wave 1 in price length. 2. The fourth-wave consolidation took considerable time to develop. 3. The E-wave low appears to have completed the corrective structure. 4. The current advance suggests the beginning of the final fifth wave. 5. The smaller-degree waves are developing within this larger fifth-wave structure. **THE BIGGER PICTURE** What we are witnessing now may be only the initial phase of a much larger bullish move. The daily chart reveals the smaller-degree wave structure, while the long-term chart gives us perspective on the potential magnitude of the ongoing fifth wave. I remain bullish on the larger structure as long as the important support zones hold. **What is your interpretation of the current Nifty structure? I welcome alternative Elliott Wave counts and constructive discussions.** #Nifty #Nifty50 #ElliottWave #IndianStockMarket #TechnicalAnalysis #WaveAnalysis #TradingView