Timeframe: 4h
This wave count is an updated version of the previous one.IDFC Bank has completed a complex correction pattern labeled as a triple zigzag (w-x-y-x-z-w) on the 4-hour chart. Currently, the Average True Range (ATR) stands at 1.16, and the Average Directional Index (ADX) is at 18.52. The price has recently breached below the 20/50/100/200 exponential moving average band.
The price target of 70.80 has been achieved, signaling the beginning of a new impulsive cycle. Presently, the price has completed wave (b) within Wave 2 and is now forming the final wave (c) of the corrective Wave 2. Traders have an opportunity to consider buying after the breakout above wave (b) for potential targets at 86 – 91 – 99+. More risk-tolerant traders may opt to buy after the completion of wave (c) of Wave 2.
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