Technical Observations:
Pattern Identified: The stock appears to have completed an extended Corrective C Wave in a larger Elliott Wave framework. The price has retraced to a critical 127% Fibonacci retracement level around ₹1,427 - ₹1,420.
Price Action: Recent candles show a rejection from the extended retracement zone, indicating buying interest and possible demand resurgence.
Buy Zone: ₹1,420 to ₹1,462 (C wave bottom and retracement levels).
Targets:
Stop Loss: Below ₹1,371 (To manage risk in case the retracement zone fails).
Learning Points:
Elliott Wave Principle: The corrective C wave typically marks the end of a bearish cycle and the start of a bullish phase when aligned with key Fibonacci levels.
Demand Zone Confirmation: The 127% Fibonacci level often acts as a deep retracement point where demand overtakes supply.
Low-Risk Opportunity: Buying near the C wave lows offers a favorable risk-to-reward ratio, supported by a defined stop loss.
Reason for Action:
Rejection at Key Levels: The bounce from the retracement zone confirms strong demand.
Upside Targets: The targets are aligned with prior resistance and Fibonacci projections, indicating a potential breakout and trend continuation.
Pattern Identified: The stock appears to have completed an extended Corrective C Wave in a larger Elliott Wave framework. The price has retraced to a critical 127% Fibonacci retracement level around ₹1,427 - ₹1,420.
Price Action: Recent candles show a rejection from the extended retracement zone, indicating buying interest and possible demand resurgence.
Buy Zone: ₹1,420 to ₹1,462 (C wave bottom and retracement levels).
Targets:
- []First Target: ₹1,652 - ₹1,629 (Prior resistance and 50% Fibonacci retracement of the corrective wave).
[]Second Target: ₹1,862 - ₹1,921 (Upper range derived from Fibonacci extension and historical supply area).
Stop Loss: Below ₹1,371 (To manage risk in case the retracement zone fails).
Learning Points:
Elliott Wave Principle: The corrective C wave typically marks the end of a bearish cycle and the start of a bullish phase when aligned with key Fibonacci levels.
Demand Zone Confirmation: The 127% Fibonacci level often acts as a deep retracement point where demand overtakes supply.
Low-Risk Opportunity: Buying near the C wave lows offers a favorable risk-to-reward ratio, supported by a defined stop loss.
Reason for Action:
Rejection at Key Levels: The bounce from the retracement zone confirms strong demand.
Upside Targets: The targets are aligned with prior resistance and Fibonacci projections, indicating a potential breakout and trend continuation.
Penafian
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.
Penafian
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.