Nifty 50 – Textbook Correction vs Triangle Setup

Nifty’s recent move can be read in two ways:
Scenario 1: Textbook W–X–Y correction
Price already topped at 25,153 (wave X) and is now heading lower in wave Y. The downside focus is on the 24,337 support.

Scenario 2: Triangle setup in X
Instead of a direct fall, price is forming a contracting triangle. After completing ABCDE inside X, the market can still break lower toward 24,337. This path is slower, with more sideways chop.

Invalidation and Bullish Alternative
If Nifty breaks above 25,153, both the textbook and triangle counts are invalid. In that case, the bullish alternative takes over—where the rally from 24,337 was wave 1, the dip to 24,404 was wave 2, and the current move is wave 3 higher.

Key levels to watch:

• Support: 24,337
  
• Resistance / Invalidation: 25,153
  

Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please do your own research (DYOR) before making any trading decisions.