Current Market Structure:
The chart suggests that IREDA is undergoing a Wave (2) correction after completing a strong impulsive Wave (1).
The corrective phase is labeled as an A-B-C structure, indicating a possible end to the pullback in the coming weeks or months.
Wave Count & Key Levels:
Wave A initiated the downward correction, followed by Wave B retracement, and now Wave C is in progress, subdividing into a five-wave pattern.
The projected completion zone for Wave (2) is highlighted in the ₹50–₹80 range, aligning with Fibonacci extensions and previous structural support.
An additional 1.618 Fibonacci extension target is placed near ₹23.78, though this would be an extreme case.
Outlook & Strategy:
If the price reaches the projected support zone and shows a strong reversal, it could indicate the beginning of a Wave (3) uptrend.
A confirmed break above key resistance levels and trendlines would strengthen the bullish case.
However, if selling pressure continues, a deeper correction toward the extreme target cannot be ruled out.
🚨 Disclaimer: The content shared is for educational and informational purposes only and should not be considered financial advice, investment recommendations, or trading signals. I am not a SEBI-registered analyst or advisor. Always conduct your own research and analysis before making any financial decisions. Trading and investing involve significant risk, and past performance is not indicative of future results. I may be completely wrong in my analysis. Please consult a professional financial advisor before making any investment decisions.
The chart suggests that IREDA is undergoing a Wave (2) correction after completing a strong impulsive Wave (1).
The corrective phase is labeled as an A-B-C structure, indicating a possible end to the pullback in the coming weeks or months.
Wave Count & Key Levels:
Wave A initiated the downward correction, followed by Wave B retracement, and now Wave C is in progress, subdividing into a five-wave pattern.
The projected completion zone for Wave (2) is highlighted in the ₹50–₹80 range, aligning with Fibonacci extensions and previous structural support.
An additional 1.618 Fibonacci extension target is placed near ₹23.78, though this would be an extreme case.
Outlook & Strategy:
If the price reaches the projected support zone and shows a strong reversal, it could indicate the beginning of a Wave (3) uptrend.
A confirmed break above key resistance levels and trendlines would strengthen the bullish case.
However, if selling pressure continues, a deeper correction toward the extreme target cannot be ruled out.
🚨 Disclaimer: The content shared is for educational and informational purposes only and should not be considered financial advice, investment recommendations, or trading signals. I am not a SEBI-registered analyst or advisor. Always conduct your own research and analysis before making any financial decisions. Trading and investing involve significant risk, and past performance is not indicative of future results. I may be completely wrong in my analysis. Please consult a professional financial advisor before making any investment 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.