This chart is an Elliott Wave analysis of Greenply Industries Ltd. (NSE) on the weekly timeframe, indicating potential price movements.
Key Observations:
Elliott Wave Count:
The chart follows a five-wave impulse structure (marked in orange).
Wave 3 has peaked, and Wave 4 is in progress, expected to correct before Wave 5's continuation upward.
Support & Resistance Levels:
Support Zones:
Fib 0.5 retracement level at ~239.77 INR (green zone).
Previous strong support at ~133.86 INR.
Resistance Levels:
411.95 INR (previous high).
Potential Wave 5 target at ~551.90 INR.
Fibonacci Extensions:
1.618 extension at ~428.90 INR.
4.764 extension at ~394.30 INR.
These levels suggest strong confluence zones for future price reactions.
Current Price Action:
The stock is currently at 283.00 INR (+3.87%).
Wave 4 correction appears to be forming, possibly bottoming in the green support zone before Wave 5 rallies higher.
Conclusion:
Short-term: Potential downside as Wave 4 corrects into the 245-271 INR support zone.
Mid-to-Long-term: A Wave 5 rally towards 550 INR is anticipated after the correction.
Key levels to watch: Support around 239 INR, breakout above 411 INR for confirmation of Wave 5.
Key Observations:
Elliott Wave Count:
The chart follows a five-wave impulse structure (marked in orange).
Wave 3 has peaked, and Wave 4 is in progress, expected to correct before Wave 5's continuation upward.
Support & Resistance Levels:
Support Zones:
Fib 0.5 retracement level at ~239.77 INR (green zone).
Previous strong support at ~133.86 INR.
Resistance Levels:
411.95 INR (previous high).
Potential Wave 5 target at ~551.90 INR.
Fibonacci Extensions:
1.618 extension at ~428.90 INR.
4.764 extension at ~394.30 INR.
These levels suggest strong confluence zones for future price reactions.
Current Price Action:
The stock is currently at 283.00 INR (+3.87%).
Wave 4 correction appears to be forming, possibly bottoming in the green support zone before Wave 5 rallies higher.
Conclusion:
Short-term: Potential downside as Wave 4 corrects into the 245-271 INR support zone.
Mid-to-Long-term: A Wave 5 rally towards 550 INR is anticipated after the correction.
Key levels to watch: Support around 239 INR, breakout above 411 INR for confirmation of Wave 5.
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.