Short

IndusInd Bank decline: EW analysis

Updated

Minor wave 1 top at ₹1242 posted on 27-10-2021.

Ensuing decline in Minute wave a (circle) seems impulsive in nature, which means we will likely form a zig-zag (5-3-5) for complete correction. Expected price/time target shown.

Initial recovery post this phase of decline expected to be sharp with target zone shown.

Invalidation point for this scenario: ₹1042

Caution: Elliott Wave trading requires expert risk management skills since unfolding price swings necessitate frequent adjustments in original wave count.

Trade closed: target reached

SUCCESS!!!
Today's (27.12.2021) low touched 811.5, against my target of 802. Took a bit of detour but we got there eventually. I deem the impulsive decline complete with today's low with all 5 waves in place. Price should now recover upward before another impulsive decline in wave C can begin.

akg1249

― AKG

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