Dixon Technologies (India) Ltd: CMP: 14473
📊 Current Structure and Elliott Wave Count:
• The chart shows that the primary impulsive wave (Wave V) ended near ₹19,148, with the overall 5-wave structure completed.
• The stock has now entered a corrective ABC pattern:
o Wave a bottomed near ₹12141.
o Wave b retraced to the ₹17,058 zone (a common retracement level near the 0.618–0.786 Fibonacci zone).
o Wave c appears to be unfolding, with a possible target zone marked near ₹12,000 (Strong Low Zone), suggesting ongoing correction.
🔍 Key Price Action Observations:
• Multiple Break of Structure (BOS) and Change of Character (CHoCH) points indicate shifting momentum, mainly bearish.
• A supply zone are clearly marked near (0.382-05-0.618 retracement levels)
• The latest bounce is facing resistance near the 0.382 retracement level (~₹14,816).
• The demand zone (Strong Low) is around ₹12,000–₹12,500, which could act as a strong support for potential reversal if wave C completes.
🔮 Way Forward / Strategy:
✅ Bullish Scenario (Post Wave C Completion):
• Wait for Wave C to potentially complete near ₹12,000–12,500.
• Look for:
o Strong bullish reversal candlestick patterns.
o Break of structure/CHoCH on lower timeframes.
o Volume confirmation.
• Long Opportunity:
❌ Bearish Continuation Risk:
• If price fails to hold above ₹13,000 and breaks below ₹12,000, expect further downside toward ₹10,000–10,500.
• Any long trade should be avoided until a clear reversal and confirmation of wave C completion.
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📊 Current Structure and Elliott Wave Count:
• The chart shows that the primary impulsive wave (Wave V) ended near ₹19,148, with the overall 5-wave structure completed.
• The stock has now entered a corrective ABC pattern:
o Wave a bottomed near ₹12141.
o Wave b retraced to the ₹17,058 zone (a common retracement level near the 0.618–0.786 Fibonacci zone).
o Wave c appears to be unfolding, with a possible target zone marked near ₹12,000 (Strong Low Zone), suggesting ongoing correction.
🔍 Key Price Action Observations:
• Multiple Break of Structure (BOS) and Change of Character (CHoCH) points indicate shifting momentum, mainly bearish.
• A supply zone are clearly marked near (0.382-05-0.618 retracement levels)
• The latest bounce is facing resistance near the 0.382 retracement level (~₹14,816).
• The demand zone (Strong Low) is around ₹12,000–₹12,500, which could act as a strong support for potential reversal if wave C completes.
🔮 Way Forward / Strategy:
✅ Bullish Scenario (Post Wave C Completion):
• Wait for Wave C to potentially complete near ₹12,000–12,500.
• Look for:
o Strong bullish reversal candlestick patterns.
o Break of structure/CHoCH on lower timeframes.
o Volume confirmation.
• Long Opportunity:
- Accumulate near ₹12,000–12,500
- SL below ₹11,800 and
- Target ₹15,000–₹16,000+ (retracement of entire ABC).
❌ Bearish Continuation Risk:
• If price fails to hold above ₹13,000 and breaks below ₹12,000, expect further downside toward ₹10,000–10,500.
• Any long trade should be avoided until a clear reversal and confirmation of wave C completion.
📌 Thanks a ton for checking out my idea! Hope it sparked some value for you.
🙏 Follow for more insights
👍 Boost if you found it helpful
✍️ Drop a comment with your thoughts below!
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Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.