NSE IDFCFIRSTB - Elliott Wave Projection

Timeframe: Daily
After reaching a peak of 100.7, the price has undergone a correction exceeding 25% over a span of 29 weeks. Recently, it has broken above its 20-day, 50-day, and 200-day moving averages, while currently trading along the 100-day exponential moving average (EMA). The Average Directional Index (ADX) of the price has climbed to 23.84. Additionally, the Average True Range (ATR) stands at 1.96.

According to the wave principle, the price has formed a seven-wave double zigzag formation. Wave (W) occurred at 80.8, wave (X) saturated at 92.4, and wave 5 of wave C of (Y) occurred at 76.3. After accomplishing of the final wave, the price has given a sharp upward move of 11.4%. Currently, the price is trading near wave B of wave (Y) at 84.65. If the price breaks out wave B at 84.65, traders can trade for the following targets: 89 – 95 – 99+.

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