The Elliott Wave analysis indicates that the stock has finished waves (i) and (ii), which are shown by blue numbers on the daily chart.
Wave (i), also known as the impulse wave, unfolded into five waves, which are illustrated in red.
Wave (ii), also known as the corrective wave, unfolded in an a-b-c pattern, as indicated in red.
Wave (iii), the impulse wave, is unfolding in five waves, as illustrated in the red colour.
Price is moving in a channel. As a breakout of the channel, Price will rise.
It's a buying opportunity during a downturn (dip).
The chart shows the wave levels.
A double Bottom pattern is formed on the chart i.e. bullish reversal pattern.
Level of Invalidation
The invalidation level of 37 has been identified as the starting point for wave (i). If the price falls below this level, it means that the projected Elliott Wave pattern is not as it appears.
I'm not a registered Sebi analyst. My research is done solely for academic purposes.
Please consult your financial advisor before trading or investing. I bear no responsibility for your profits or losses.
Regards,
VJ.
Wave (i), also known as the impulse wave, unfolded into five waves, which are illustrated in red.
Wave (ii), also known as the corrective wave, unfolded in an a-b-c pattern, as indicated in red.
Wave (iii), the impulse wave, is unfolding in five waves, as illustrated in the red colour.
Price is moving in a channel. As a breakout of the channel, Price will rise.
It's a buying opportunity during a downturn (dip).
The chart shows the wave levels.
A double Bottom pattern is formed on the chart i.e. bullish reversal pattern.
Level of Invalidation
The invalidation level of 37 has been identified as the starting point for wave (i). If the price falls below this level, it means that the projected Elliott Wave pattern is not as it appears.
I'm not a registered Sebi analyst. My research is done solely for academic purposes.
Please consult your financial advisor before trading or investing. I bear no responsibility for your profits or losses.
Regards,
VJ.
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