Hindalco: Wave iii Development Points to Further Upside Potential
Elliott Wave analysis suggests that Primary Wave (1) and Primary Wave (2) have likely been completed. The HINDALCO is currently trading in Primary Wave (3), which is generally the strongest and longest phase of an Elliott Wave cycle.
Within Primary Wave (3), Wave i and Wave ii appear to be complete. The current price action suggests that Wave iii is in progress. Momentum indicators such as RSI and Awesome Oscillator remain strong, supporting the bullish trend.
Key upside levels are: ₹1,295 – ₹1,620 – ₹1,750
As long as the Wave ii low remains intact, the bullish structure remains valid.
At present, there is no major sign of trend exhaustion on the weekly chart. Therefore, the broader outlook remains positive, and any short-term correction may be considered part of the ongoing Wave iii structure.
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High-quality analysis as always