Wipro Case Study: Elliott Wave Analysis for Educational PurposesWIPRO multi time frames charts updated
Weekly Chart
Daily Chart
4 Hourly
60 Min
In this educational case study, we delve into the chart analysis of Wipro using Elliott Wave Theory. Our analysis focuses on identifying potential wave patterns and understanding the current wave structure for educational purposes only.
Overview:
After a significant decline in the larger Wave (4), Wipro appears to have initiated Wave 1 of (5). Within Wave 1 of (5), we have observed completion of sub-waves (i)-(ii)-(iii), and (iv) is nearing completion. The current structure suggests that sub-wave (v) of Wave 1 of (5) could soon commence.
Detailed Analysis:
Wave (4) Correction: Wipro experienced a notable decline in Wave (4), signaling a potential shift in sentiment.
Wave 1 of (5): Following Wave (4), the stock initiated Wave 1 of (5), marked by the completion of sub-waves (i)-(ii)-(iii).
Current Structure: We are currently witnessing the final stages of sub-wave (iv) of Wave 1 of (5), with sub-waves i-ii-iii-iv completed.
Anticipated Movement: Sub-wave (v) of Wave 1 of (5) is expected to commence soon, potentially marking the final fall before an upward move.
Risk Management and Wave Highlights:
It's essential to implement proper risk management strategies, including setting stop-loss levels to mitigate potential losses.
Traders should exercise caution and remain vigilant for any deviations from the expected wave counts.
Understanding Elliott Wave Theory can provide valuable insights into market trends and potential price movements.
Remember, this analysis is for educational purposes only and should not be considered as trading advice.
I am not Sebi registered analyst.
My studies are for educational purpose only.
Please Consult your financial advisor before trading or investing.
I am not responsible for any kinds of your profits and your losses.
Most investors treat trading as a hobby because they have a full-time job doing something else.
However, If you treat trading like a business, it will pay you like a business.
If you treat like a hobby, hobbies don't pay, they cost you...!
Hope this post is helpful to community
Thanks
RK💕
Disclaimer and Risk Warning.
The analysis and discussion provided on in.tradingview.com is intended for educational purposes only and should not be relied upon for trading decisions. RK_Charts is not an investment adviser and the information provided here should not be taken as professional investment advice. Before buying or selling any investments, securities, or precious metals, it is recommended that you conduct your own due diligence. RK_Charts does not share in your profits and will not take responsibility for any losses you may incur. So Please Consult your financial advisor before trading or investing.
Wiprobuy
Wipro Limited (WIPRO) AnalysisThe chart provided is of Wipro Limited (WIPRO) listed on the National Stock Exchange (NSE) of India, on a weekly timeframe. Here’s a detailed analysis and summary:
1. Trend Analysis:
- The stock experienced a strong uptrend from mid-2020 to late 2021, reaching a peak around 740.
- Since then, it has been in a downtrend with intermittent periods of consolidation and minor recoveries.
2. Support and Resistance Levels:
- Resistance:
- 543.55 (61.8% Fibonacci retracement level).
- 606.70 (previous high and key resistance).
- 711.90 (1.618 Fibonacci extension level).
- Support:
- 439.85 (Recent low and significant support).
3. Fibonacci Retracement Levels:
- The chart shows Fibonacci retracement levels from the recent high around 740 to the recent low at 439.85.
- 50% level at 523.75.
- 61.8% level at 543.55.
4. Chart Patterns:
- There appears to be a descending triangle pattern forming, with lower highs and a horizontal support level around 440.
- A breakout from this pattern, either upward or downward, will likely indicate the next major move for the stock.
5. Current Price Action:
- The current price is 484.55.
- The price has recently bounced off from near the 440 support level.
- The price is approaching the descending trendline, which could act as resistance in the near term.
6. Moving Averages and Indicators:
- The chart does not explicitly show moving averages or other indicators, but the trend lines, Fibonacci levels, and chart patterns provide key insights.
Summary:
The chart of Wipro Limited (WIPRO) shows that the stock has been in a downtrend since late 2021 after a significant rally. The stock found support around 440 and has recently bounced from this level. Key resistance levels to watch are around 523.75 (50% Fibonacci retracement) and 543.55 (61.8% Fibonacci retracement). The stock is currently testing the descending trendline resistance, and a breakout above this level could indicate a potential reversal. However, if it fails to break this resistance, the stock may continue to trade within the descending triangle pattern, with 440 being a critical support level.
Navigating Wipro: A Strategic Analysis for Informed Trading
Wipro is currently positioned near the 75-minute demand zone, serving as the lower time frame (LTF) for execution. Let's break down the analysis across different time frames for a comprehensive overview:
Current Market Dynamics 📊:
LTF (75 min): Trading close to the 75-minute demand zone, considered for execution.
ITF (Daily): On the daily time frame, the trend is in an uptrend, with the price residing in the daily demand zone. Notably, the stock is approaching the EMA 20 on the daily time frame, indicating potential support.
HTF (Weekly): Zooming out to the weekly chart, Wipro is positioned in a fair price area.
Trade Plan on 75-Minute Time Frame ⏱️:
Target and Stop-Loss: The upper box on the 75-minute chart provides details on entry, exit, target, and risk-to-reward ratio.
🚨 Risk Management Reminder: Ensure your risk-to-reward ratio aligns with your trading strategy and risk tolerance.
📝 Note: This analysis is for educational purposes only and not financial advice. Trade responsibly.
Trade Smart, Trade Confidently! 💹✨
WIPRO broadening-wedges-ascendingHello
Welcome to this analysis about WIPRO , we are looking at daily timeframe perspectives. WIPRO is developing here that will be a decisive factor in the upcoming times. I discovered the main formation WIPRO is developing here that will be a decisive factor in the upcoming times. As when looking at my chart now we can watch there how WIPRO has emerged with this key broadening-wedges-ascending formation marked in my chart with the black boundaries. WIPRO is near RESISTANCE region which is an important support and also psychological support-mark together with the lower
boundary of the broadening-wedges-ascending formation a pullback
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