Timeframe: 4h
HDFCLIFE on the NSE has been undergoing a corrective pattern for over 43 weeks, with its price persistently below the 20/50/100/200 exponential moving averages. The Average True Range (ATR) stands at 8.69, while the Average Directional Index (ADX) measures at 42.44.
Applying the Elliott wave principle, the price has completed a double zigzag pattern. Following the completion of wave (X), the formation of wave Y has commenced. Currently, wave Y has retraced to 61.8%, with a potential to extend down to the common retracement level of 100%. Increased bearish sentiment could drive prices towards the lower boundary of the parallel channel. In such a scenario, entry points may be considered near the lower channel band or after the formation of the sub-structure of wave Y.
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Good chart
Pls analyze Indus bank, yes bank, Icicibank, Powergrid and GAEL.