Looking only at the monthly timeframe, this has the potential to become a major multi-year trend continuation if it confirms.

1. Elliott Wave Structure Looks Logical Your labeling is fairly clean. Wave I: 2020–2022 Wave II: 2022 correction Wave III: 2023–2024 impulsive rally Wave IV: 2025–2026 deep correction Potential Wave V: Beginning now This is exactly what you'd like to see after a large secular advance. 2. Wave IV Correction is Healthy Notice several positives: Correction lasted almost 18 months Didn't violate the long-term uptrend Price respected the long-term moving average Selling pressure gradually reduced This is characteristic of institutional distribution ending and accumulation beginning. 3. Long-Term Moving Average Support The green moving average (looks like 30/40-month or similar) has acted as dynamic support. Price has bounced precisely where long-term investors generally accumulate. That is bullish. 4. Higher Low Formation Previous major low: ≈ ₹530 Recent low: ≈ ₹560 Higher lows on the monthly chart are one of the strongest long-term bullish characteristics.