Wave Analysis – NSE NIFTY & HINDCOPPER

NSE NIFTY – Intraday Analysis on 1-Minute Chart

Timeframe: 1-Minute

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NSE HINDCOPPER – Elliott Wave Projection

Timeframe: Daily
NSE HINDCOPPER has recently hit a new low at 277.9, marking the end of the corrective structure’s final wave (C). The security is trading below the 20, 50, 100, and 200 Exponential Moving Averages, indicating a bearish trend. Additionally, the ADX has dropped to 10, signifying a very weak trend.

A new cycle has begun following the completion of wave (C). On the hourly timeframe, a flag and pole chart pattern is emerging, with the flag formation imminent. Wave 2 of the new impulsive cycle is expected to start after a final move down to the lower band. Safe traders can consider entering a buy position once the price breaks above the upper band of the corrective channel of wave 2/B. The target prices for this trade are set at 345 – 357 – 368+. Riskey traders can buy near the lower of the channel. 

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