Timeframe: Daily
On the NSE daily timeframe chart, ITI has formed a corrective pattern spanning 40 weeks. Following a low of 210, the price has made a strong upward move.ATR has risen to 17.3, and ADX is above 37.6, indicating strong trend momentum and high volatility.
According to the Elliott Wave principle, the price completed corrective wave (B) at 341.5 and final wave (C) at 210, indicating the start of a new cycle with sub-waves 1 and 2. If the price breaks and sustains above 341, traders can aim for wave 5 targets of 365 – 383 – 400+. Alternatively, traders may wait for the wave 4 formation for a more detailed setup.
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