Price Action Overview:
Current price: ₹532.15, trading within the Wave 4 completion zone (₹526–₹570) as per Elliott Wave analysis.
A deep retracement zone is identified between ₹495–₹505, aligning with Wave C completion, where a bullish reversal is expected.
Wave C indicates a strong potential low point for the next bullish leg (Wave 5).
Key Levels:
Wave 4 Completion Zone: ₹526–₹570
Expected reversal area for Wave 5.
Deep Retracement Zone (Wave C): ₹495–₹505
Secondary buying opportunity if the price drops further.
Stop Loss: ₹486.40
Hourly close below this level invalidates the trade setup.
First Target Zone: ₹605–₹613
Logical resistance area for profit booking.
Second Target Zone: ₹654–₹671
Higher-level target as Wave 5 progresses.
Trading Strategy:
- Entry Plan:
Initiate a buy near the Wave 4 completion zone (₹526–₹570) after bullish confirmation (e.g., bullish candlestick patterns or volume increase).
Consider a secondary buy within the deep retracement zone (₹495–₹505), aligning with Wave C completion. - Stop Loss:
Place a stop loss below ₹486.40 to minimize risk. - Profit Target:
First target: ₹605–₹613.
Second target: ₹654–₹671 for extended profits as Wave 5 progresses.
Risk Management:
Scale into the trade cautiously to ensure favorable risk-reward ratios.
Keep an eye on broader market trends, as a bearish environment can invalidate this setup.
Potential Risks:
Failure to sustain demand in the Wave C or Wave 4 zones can lead to a deeper correction.
Broader market sentiment and sector trends may influence price movement.
Disclaimer:
This analysis is for educational purposes only. I am not a SEBI-registered analyst. Please conduct your research or consult a financial advisor before trading.
#ArvindFashions #TechnicalAnalysis #ElliottWave #Wave5 #SwingTrading #StockMarket #TradingStrategy #InvestmentPlanning #MarketInsights #StocksToWatch #BSE #NSE #Fibonacci
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.