3M-NAAM HI KAAFI HAIN.

1. Elliott Wave Count
Wave 1 peak near ₹26,375 (retraced by 0.618 for Wave 2 – valid).

Wave 3 extends strongly till near ₹40,856 (confirmed as the largest wave).

Wave 4 seems to have:

Landed in the previous demand zone

RSI not oversold but near midpoint → healthy correction

Found support slightly below 0.382–0.5 Fib zone (valid depth for Wave 4)

➡️ Wave 5 target is plotted at ₹51,875 — approx 1.618 of Wave 1 projected from Wave 4 base (logical, valid)

2. Fibonacci Levels
Wave 2 correction: Retraced to 0.618 (₹26,375) – perfect

Wave 4 correction: Landed close to support from 0.382–0.5 of Wave 3 and earlier structure

Target for Wave 5:

Conservative: ₹41,596 (1.618 ext of Wave 1)

Aggressive: ₹51,875 (based on higher extension)

3. Volume & RSI
Volume: Low overall but no heavy selling — sign of healthy consolidation

RSI: At 47 – neutral zone, potential to rise if Wave 5 starts

RSI divergence: None visible — aligns with bullish continuation

✅ VALIDITY CHECK — Is It Correct?
Checkpoint Status Comment
Elliott Wave Rules Followed? ✅ Waves 3 > 1, Wave 4 does not enter Wave 1 zone
Fibonacci Levels Logical? ✅ Wave 2 = 0.618, Wave 4 = demand zone + structure
Wave 5 Target Reasonable? ✅ Based on logical extension
RSI & Volume Supportive? ✅ RSI recovering, no sign of breakdown

✅ Conclusion: Yes, the wave count and setup look correct and valid. No major corrections needed.