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The Elliott Wave Theory's description of the structure and pattern of price movements in financial markets is known as the Elliott Wave Structure.
The Elliott Wave analysis indicates that the stock has completed waves (1), (2), (3), and (4), which are shown as blue numbers on the weekly chart. Wave (5) appears to be underway at this time and might reach a minimum length of wave (1) from wave (4)'s lowest point.
Wave (iv), also known as the corrective wave, unfolded in an a-b-c pattern, as indicated in red.
Wave c of wave (iv) is unfolding in five waves, as illustrated in the black circle on the daily time frame. It appears that wave 5 in the black circle is still unfolding.
It is a buying opportunity on the downturn (dip).
Check the divergence with RSI in the 1-hour chart; the price will make a lower low and the RSI will make a higher high.
It is anticipated that wave (5) will have about five subdivisions shown in red colour.
Wave levels are shown on the chart.
Level of Invalidation
Wave (1) has been identified as the invalidation level at 73.70. Because As per wave rules, Wave (4) cannot enter the price territory of Wave (1). If the price falls below this level, it can indicate that the expected Elliott Wave pattern is not as it seems.
I am not a registered Sebi analyst. I conduct my research solely for academic purposes.
Please speak with your financial advisor before trading or making any investments. I take no responsibility whatsoever for your gains or losses.
Regards
VJ
The Elliott Wave analysis indicates that the stock has completed waves (1), (2), (3), and (4), which are shown as blue numbers on the weekly chart. Wave (5) appears to be underway at this time and might reach a minimum length of wave (1) from wave (4)'s lowest point.
Wave (iv), also known as the corrective wave, unfolded in an a-b-c pattern, as indicated in red.
Wave c of wave (iv) is unfolding in five waves, as illustrated in the black circle on the daily time frame. It appears that wave 5 in the black circle is still unfolding.
It is a buying opportunity on the downturn (dip).
Check the divergence with RSI in the 1-hour chart; the price will make a lower low and the RSI will make a higher high.
It is anticipated that wave (5) will have about five subdivisions shown in red colour.
Wave levels are shown on the chart.
Level of Invalidation
Wave (1) has been identified as the invalidation level at 73.70. Because As per wave rules, Wave (4) cannot enter the price territory of Wave (1). If the price falls below this level, it can indicate that the expected Elliott Wave pattern is not as it seems.
I am not a registered Sebi analyst. I conduct my research solely for academic purposes.
Please speak with your financial advisor before trading or making any investments. I take no responsibility whatsoever for your gains or losses.
Regards
VJ
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