Apollo Hospitals possible elliot wave counts

4 Apr 2023

Hello Friends,
Here we had analyzed the chart of the stock Apollo Hospitals which is convincing bearish bias aligned with price action breaking down trendline along with good intensity of volumes on daily time frame, supporting same view by trend indicators like macd, rsi, bollinger bands, dmi adx and Elliot waves. As per Elliot wave structure it is clearly in correction phase in which most probably seen that we are unfolding corrective waves in zigzag pattern, in which we can assume that we had finished wave A and B and now possibly we are unfolding wave C which should unfold in 5 subdivisions, in wave C we had completed one lower degree wave 1 and wave 2, Once low of wave 1 is taken by bears then it would confirm that wave 3 of C has started to unfold. Overall we can say we are assuming Bearish bias in this stock aligned with each and every parameters. I am not sebi registered analyst. My studies are for educational purpose only. Please Consult your financial advisor before trading or investing. I am not responsible for any kinds of your profits and your losses.
All highlights shared below.
Thanks.

Corrective Wave structure


Break-down with Good intensity of Volumes on Daily time frame


Price getting rejection from RK's stopline and closed below RK's mass psychological cloud.


MACD in daily Negative cross over


MACD in weekly already running negative


MACD in monthly already running negative


Price challenging lower band on daily time frame


RSI down tick and below 40 on daily time frame


DMI ADX also supporting same bearish bias in daily time frame


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Disclaimer.
I am not sebi registered analyst.
My studies are for educational purpose only.
Please Consult your financial advisor before trading or investing.
I am not responsible for any kinds of your profits and your losses.