1. Elliott Wave Count
Wave 1 peak near ₹26,375 (retraced by 0.618 for Wave 2 – valid).
Wave 3 extends strongly till near ₹40,856 (confirmed as the largest wave).
Wave 4 seems to have:
Landed in the previous demand zone
RSI not oversold but near midpoint → healthy correction
Found support slightly below 0.382–0.5 Fib zone (valid depth for Wave 4)
➡️ Wave 5 target is plotted at ₹51,875 — approx 1.618 of Wave 1 projected from Wave 4 base (logical, valid)
2. Fibonacci Levels
Wave 2 correction: Retraced to 0.618 (₹26,375) – perfect
Wave 4 correction: Landed close to support from 0.382–0.5 of Wave 3 and earlier structure
Target for Wave 5:
Conservative: ₹41,596 (1.618 ext of Wave 1)
Aggressive: ₹51,875 (based on higher extension)
3. Volume & RSI
Volume: Low overall but no heavy selling — sign of healthy consolidation
RSI: At 47 – neutral zone, potential to rise if Wave 5 starts
RSI divergence: None visible — aligns with bullish continuation
✅ VALIDITY CHECK — Is It Correct?
Checkpoint Status Comment
Elliott Wave Rules Followed? ✅ Waves 3 > 1, Wave 4 does not enter Wave 1 zone
Fibonacci Levels Logical? ✅ Wave 2 = 0.618, Wave 4 = demand zone + structure
Wave 5 Target Reasonable? ✅ Based on logical extension
RSI & Volume Supportive? ✅ RSI recovering, no sign of breakdown
✅ Conclusion: Yes, the wave count and setup look correct and valid. No major corrections needed.
Wave 1 peak near ₹26,375 (retraced by 0.618 for Wave 2 – valid).
Wave 3 extends strongly till near ₹40,856 (confirmed as the largest wave).
Wave 4 seems to have:
Landed in the previous demand zone
RSI not oversold but near midpoint → healthy correction
Found support slightly below 0.382–0.5 Fib zone (valid depth for Wave 4)
➡️ Wave 5 target is plotted at ₹51,875 — approx 1.618 of Wave 1 projected from Wave 4 base (logical, valid)
2. Fibonacci Levels
Wave 2 correction: Retraced to 0.618 (₹26,375) – perfect
Wave 4 correction: Landed close to support from 0.382–0.5 of Wave 3 and earlier structure
Target for Wave 5:
Conservative: ₹41,596 (1.618 ext of Wave 1)
Aggressive: ₹51,875 (based on higher extension)
3. Volume & RSI
Volume: Low overall but no heavy selling — sign of healthy consolidation
RSI: At 47 – neutral zone, potential to rise if Wave 5 starts
RSI divergence: None visible — aligns with bullish continuation
✅ VALIDITY CHECK — Is It Correct?
Checkpoint Status Comment
Elliott Wave Rules Followed? ✅ Waves 3 > 1, Wave 4 does not enter Wave 1 zone
Fibonacci Levels Logical? ✅ Wave 2 = 0.618, Wave 4 = demand zone + structure
Wave 5 Target Reasonable? ✅ Based on logical extension
RSI & Volume Supportive? ✅ RSI recovering, no sign of breakdown
✅ Conclusion: Yes, the wave count and setup look correct and valid. No major corrections needed.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.