Timeframe: Daily
After reaching a high of 196.8, the price has declined by over 39% in 13 weeks. It is currently trading below the 50/100 EMA band, with ATR at 3.68 and ADX at 26.02. According to the Elliott Wave projection, the peak of 196.80 can be identified as a wave ((3)). The security is currently undergoing the formation of a corrective wave (4).
Wave (B) formed at 185.97, while wave 4 of wave (C) was completed at 145.10. NSE IOC is now setting up for the final wave 5 of wave (C).
Two key Fibonacci relationships help estimate the end of the correction:
- 1.618 Fibonacci extension of wave (A) at 106.54 (for wave C)
- 0.618 Fibonacci extension of wave 1 at 115.52 (for wave 5)
The price is expected to settle between 115 and 105, which serves as a key demand zone for buyers. If the price breaks out and sustains above 129.75, traders can target the following levels: 139 – 156 – 172+.
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Impressive breakdown of the trend!
Love the clarity in your analysis! 💯
Brilliant analysis! The way you’ve mapped Elliott Waves with Fibonacci precision is truly impressive.
I must say, this analysis is incredibly detailed and well-thought-out! The way you have connected the wave structure with potential targets shows a deep understanding of the market.
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