IDFC First Bank Elliot Wave Analysis
Elliot first wave: Starting point 17.65 Endpoint 69.30
Elliot second wave: Starting point 69.30 Endpoint 28.95 Retraced 78.9%
Elliot third wave: Starting point 69.30 Endpoint 94.60 Projected 1.27%
Elliot fourth wave: Starting point 94.60 Endpoint Not yet formed
Usually, the 4th wave should retrace 38.2% and continue with an upward trend.
If you check closely the RSI on the weekly timeframe, it does not decline compared to the price. This price is a sign of bullishness.
One can trade for risk a reward ratio of more than 4.
Elliot second wave: Starting point 69.30 Endpoint 28.95 Retraced 78.9%
Elliot third wave: Starting point 69.30 Endpoint 94.60 Projected 1.27%
Elliot fourth wave: Starting point 94.60 Endpoint Not yet formed
Usually, the 4th wave should retrace 38.2% and continue with an upward trend.
If you check closely the RSI on the weekly timeframe, it does not decline compared to the price. This price is a sign of bullishness.
One can trade for risk a reward ratio of more than 4.
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