The price action of Asian Paints (NSE: ASIANPAINT) has been following a clear Elliott Wave structure.
The stock completed a primary wave (3) at the peak, with a truncated 5th wave, indicating weakness in the final leg of the impulse.
It is currently undergoing a wave (4) correction, following a W-X-Y pattern, with the price moving lower towards the 1.618 Fibonacci extension target at ₹1,931.
The invalidity level is set at ₹1,297, below which the larger wave structure would need reconsideration.
Indicators like RSI and MACD are reflecting oversold conditions, suggesting a potential bounce or consolidation before further downside.
A confirmation of wave (4) completion would signal the start of wave (5) towards new highs.
📉 Key Levels to Watch:
Support: ₹1,931 (1.618 Fib Extension)
Resistance: ₹2,492 (Wave Y previous support)
Invalidation Level: ₹1,297
This wave count suggests that Asian Paints is nearing the end of its correction phase. A reversal from the target zone could set the stage for the next bullish impulse.
📢 Disclaimer: I am not a SEBI-registered analyst. This analysis is for educational and study purposes only. Any profits or losses from trading based on this analysis are entirely your own responsibility. Do your own research before making any trading decisions.
The stock completed a primary wave (3) at the peak, with a truncated 5th wave, indicating weakness in the final leg of the impulse.
It is currently undergoing a wave (4) correction, following a W-X-Y pattern, with the price moving lower towards the 1.618 Fibonacci extension target at ₹1,931.
The invalidity level is set at ₹1,297, below which the larger wave structure would need reconsideration.
Indicators like RSI and MACD are reflecting oversold conditions, suggesting a potential bounce or consolidation before further downside.
A confirmation of wave (4) completion would signal the start of wave (5) towards new highs.
📉 Key Levels to Watch:
Support: ₹1,931 (1.618 Fib Extension)
Resistance: ₹2,492 (Wave Y previous support)
Invalidation Level: ₹1,297
This wave count suggests that Asian Paints is nearing the end of its correction phase. A reversal from the target zone could set the stage for the next bullish impulse.
📢 Disclaimer: I am not a SEBI-registered analyst. This analysis is for educational and study purposes only. Any profits or losses from trading based on this analysis are entirely your own responsibility. Do your own research before making any trading decisions.
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.