Nifty Metal Index – Fifth Wave Progression Within Channel

Chart Structure:
The Nifty Metal Index continues to respect its rising channel, now advancing in Wave 5 after a clean contracting triangle in Wave 4. The impulse structure remains intact, with price steadily hugging the channel’s midline and now stretching toward the upper half.

Elliott Wave View:

• Wave 1 topped near 8,833.75, after a strong rally from 7,690.20.
  
• Wave 2 retraced into 8,256.20, holding close to the 0.382 retracement of Wave 1.
  
• Wave 3 extended sharply to 9,581.80.
  
• Wave 4 unfolded as a clean contracting triangle (a–b–c–d–e), ending at 9,132.20.
  
• Wave 5 is currently progressing within the channel, with price advancing to 10,275.75, towards the 1.0x Fib extension level of Wave 1 projected from Wave 2.
  

Momentum Check:
RSI has confirmed the latest higher high, keeping momentum aligned with price. The key to watch now: If price makes another higher high but RSI fails to do so, that’s when bearish divergence would emerge.

Summary:
The index maintains a constructive Elliott Wave structure, but we are in late-wave territory. The channel provides a natural guide — holding the midline favors further upside, while a sustained breach of the lower channel would warn that Wave 5 has matured.

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.