Nifty still going Down? Application of Elliott waves and Fibo

NIFTY has corrected by 3500 pts (13.3%) from its high of 26,277 in Sep’24.
In post COVID era this is the 2nd biggest correction in terms of % and biggest in points.

Let us use Elliot wave theory and the Fibonacci retracement tool



Wave Time Start to End Points (percentage from top)
Wave (X) ( (i) to (ii) ) Oct-21 to Jun-22 18,604 to 15,183 3,421 pts (18.4%)
Wave Y ( iii to iv ) Sep-24 to Feb-25 26,277 to 22,986 3,290 pts (13.28%)
Wave Z ( I to ii ) Dec-22 to Mar-23 18,887 to 16,828 2,059 pts (10.79%)




Wave (X) ≈ Wave Y || 3421 ≈ 3290 (Δ4%)
Wave Y ≈ 168% * Wave Z || 3290 ≈ 161.8%*2059 (i.e. 3331) (Δ1%)
*In stock market waves will hardly be exactly equal, 5% of deviation is acceptable to me.
While Wave Y & Z are of same degree, wave (X) is of higher than these two.