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Elliott Wave analysis shows that the stock has completed waves (i), (ii), (iii), (iv) and (v) downside. Currently, the stock is undergoing correction wave (a), (b), and (c) in a daily time frame.
Wave (a) and (b) in blue colour are finished and the stock is currently in wave (c).
Wave (c) will unfold in five sub-waves shown in red colour on the chart.
Wave levels are shown on the chart.
A double bottom pattern is formed on the chart. (The double Bottom
pattern is a bullish reversal pattern).
Level of Invalidation
The starting point of Wave (a) has been identified as the invalidation level at 9.70. Because as per wave rules Wave (b) cannot retrace more than 100% of Wave (a). 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. My research is being done only for academic interests.
Please speak with your financial advisor before trading or making any investments. I take no responsibility whatsoever for your gains or losses.
Regards
Dr Vineet Jain
Wave (a) and (b) in blue colour are finished and the stock is currently in wave (c).
Wave (c) will unfold in five sub-waves shown in red colour on the chart.
Wave levels are shown on the chart.
A double bottom pattern is formed on the chart. (The double Bottom
pattern is a bullish reversal pattern).
Level of Invalidation
The starting point of Wave (a) has been identified as the invalidation level at 9.70. Because as per wave rules Wave (b) cannot retrace more than 100% of Wave (a). 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. My research is being done only for academic interests.
Please speak with your financial advisor before trading or making any investments. I take no responsibility whatsoever for your gains or losses.
Regards
Dr Vineet Jain
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