IRCTC - Potential Bullish Reversal with Elliott Wave Setup
Key Levels and Zones:
Chart Analysis:
Trade Plan:
Conclusion:
IRCTC’s daily chart reveals critical support and resistance levels, presenting traders with a structured trading opportunity based on Elliott Wave theory. By closely monitoring the Wave C completion zone and CHoCH level, traders can position themselves for potential bullish momentum with a favorable risk-reward ratio.
Disclaimer: This analysis is for educational purposes only and does not constitute financial advice. Always perform your analysis or consult a financial advisor before making investment decisions.
#IRCTC #TradingPlan #ElliottWave #TechnicalAnalysis #StockMarket
Key Levels and Zones:
- []Current Price: ₹777.25 (-₹3.15, -0.40%)
[]Support and Buying Zones:
Wave C Completion Zone: ₹762.00 - ₹788.00
Extended Retracement Zone (Liquidity): Below ₹762.00
[]Target Zone: ₹978 - ₹1,008
[]Stop Loss: ₹728.80
Chart Analysis:
- Wave Patterns: The daily chart illustrates an Elliott Wave correction pattern with the following structure:
Wave A: Initial decline signaling a bearish move.
Wave B: Temporary corrective upward move.
Wave C: Indicates a potential bullish reversal in the zone ₹762.00 - ₹788.00.
[]Change of Character (CHoCH): ₹815.75 acts as a key level for a potential sentiment shift if broken.
[]Support and Resistance Levels:
Support: Green zone (₹762.00 - ₹788.00).
Resistance: Descending trendline and target zone (₹978 - ₹1,008).
Trade Plan:
- Entry Point:
Long positions can be initiated within the Wave C completion zone (₹762.00 - ₹788.00). - Targets:Primary Target Zone: ₹978 - ₹1,008.
- Stop Loss: ₹728.80 to mitigate downside risk.
Conclusion:
IRCTC’s daily chart reveals critical support and resistance levels, presenting traders with a structured trading opportunity based on Elliott Wave theory. By closely monitoring the Wave C completion zone and CHoCH level, traders can position themselves for potential bullish momentum with a favorable risk-reward ratio.
Disclaimer: This analysis is for educational purposes only and does not constitute financial advice. Always perform your analysis or consult a financial advisor before making investment decisions.
#IRCTC #TradingPlan #ElliottWave #TechnicalAnalysis #StockMarket
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.