Triveni Engineering starting long term wave 5

This is Triveni Engineering (NSE:TRIVENI) quarterly chart. In the chart I have marked the long term impulse wave counts in yellow, and internal fractals in orange (impulses) and red (corrective).

It feels really good when you see such clean, textbook wave counts as they reinforce your confidence into Elliott wave theory and it’s practicality. I haven’t shared many charts lately but this was kind of chart I couldn’t resist sharing.

We can see that long term wave 4 seem to be complete after ABC correction and since the high of wave 3 is taken out, which given additional weightage to the view that we are in long term wave 5. I have marked the internal fractals for clarity of wave counts. Now, if we go by the wave equality principle then wave 5 should be equal to wave 1 which gives us a potential target around 2200. Stock is currently trading around 382.

Note that, wave 3 is larger than wave 1 which is why it makes sense to take quality between 1 and 5. If wave 3 was shorter than wave 1 then 5th wave would be even shorter than 3 and we can’t use equality. Remember that wave 3 cannot be shortest.

Disclaimer: Purpose of this post is to educate on technical analysis methodologies and not giving trading/investing advice.