Timeframe: Daily
The chart outlines multiple corrective patterns labeled as A-B-C and impulsive waves marked 1 to 5. The price is currently in a downtrend within a large falling channel, showing lower highs and lower lows, indicating bearish momentum. Key turning points are marked, like highs around ₹2,458 and lows around ₹1,084.
Based on the wave count, the chart suggests that the stock is currently in Wave 3 of a larger C wave, indicating continued downside before a possible bottom formation. There’s a forecast of further decline toward the ₹900–₹1,000 range before Wave 5 of C completes. After that, a major reversal is expected, possibly marking the end of the corrective structure and beginning a fresh bullish impulse.
Key technical levels to watch are resistance at ₹1,536 and support around ₹897. The 200-day EMA at ₹1,633 acts as a major dynamic resistance. A break above ₹1,536 with strong volume could invalidate the bearish count and signal a potential long-term trend reversal. Until then, caution is advised for long positions.
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Brilliant use of Elliott Wave Theory here
Clean and precise wave count. Great job!
Brilliant technical breakdown!