NSE 3MINDIA – Elliott Waves & Price Action Analysis

In our earlier articles, we talked about the development of a new impulsive cycle. Even free subscribers captured a gain of more than 27%.
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•  EWT – Will 3MINDIA Reach 30,000 Before June End?
• NSE 3MINDIA – Elliott Wave Analysis

Timeframe: Monthly

NSE 3MINDIA has constructed a 62-month-old value area. The price has formed three excess in the upper band and one in the lower band of the value area. Both the upper and lower bands were rejected twice. The control line was active with eight touches. The price breakout of the range and has also broken out a head & shoulders formation. Although the formation may not be considered a textbook, it still provides a good strategic move.

Timeframe: Daily

We have zoomed in on the latest swing low, which shows a wick rejection on the monthly timeframe. The price is trading above the 50/100/200 Exponential moving average band and has broken down the 20 exponential moving average. Traders can also see a divergence form at the start of June. TRIX is indicating long-term bullish sentiments.

The security’s price has kicked off a strong upward trend from 17273. The first wave showed a diagonal pattern, but it could also be an upward surge since sub-wave 4 didn’t drop below wave (1)’s price. The second wave took a zigzag shape, correcting around 50% of the first wave’s move. Currently, the price is in the third sub-wave of the third larger wave.

Based on Elliott wave theory, the fourth wave is likely to finish near the fourth wave of a smaller scale. A price decline is expected after the diagonal trendline in the fifth sub-wave of the third wave of the third larger wave is broken. Notably, we’ve identified key levels at 26173.9 (38.2% level) and 25247 (50% level) on the chart. Once the fourth wave completes, cautious traders can consider riding the fifth wave.

We will update further information for premium subscribers soon.