Elliott Wave Analysis of Infosys MonthlyElliott Wave Analysis Overview:
1. Primary Degree Wave 1 (Completed in March 2000):
Price Level: 218
The first primary degree wave, which marked the beginning of a larger uptrend, concluded at the price level of 218.
2. Primary Degree Wave 2 (Completed in September 2001):
Price Level: 33
The corrective wave 2 retraced the gains of wave 1, with the price dropping to 33 before setting the stage for the next uptrend.
3. Intermediate Degree Wave 1 (Completed in January 2002):
Price Level: 76
This wave, part of the larger primary degree uptrend, reached a high of 76.
4. Intermediate Degree Wave 2 (Completed in April 2003):
Price Level: 36
The second intermediate degree wave provided a correction, retracing the advance of wave 1 and concluding at a price of 36.
5. Intermediate Degree Wave 3 (Completed in December 2021):
Price Level: 1953
Wave 3, characterized by its strong momentum, concluded at 1953, marking a significant uptrend in the stock's price.
6. Intermediate Degree Wave 4 (Completed in April 2023):
Price Level: 1185
The corrective wave 4 retraced some of the gains from wave 3, with the price level dropping to 1185.
7. Current Wave Analysis:
Wave 5 of Intermediate Degree:
The ongoing wave 5 of the intermediate degree is in progress.
Target Price for Wave 5: 2380
This wave is expected to complete the intermediate degree cycle and also mark the conclusion of wave 3 at the primary degree.
Summary:
Infosys has undergone a series of significant Elliott Wave patterns since the completion of its primary degree wave 1 in March 2000. The analysis suggests that the ongoing intermediate degree wave 5 could potentially reach a target price of 2380. This target also aligns with the conclusion of the primary degree wave 3. Investors should monitor the price action closely to confirm the completion of wave 5 and assess the potential implications for future waves.
Note: As with any technical analysis, this interpretation is subject to change based on new market data and evolving conditions.
Disclaimer: This analysis is based on historical price data and Elliott Wave principles. Market conditions and price movements can be highly unpredictable. The information provided is for educational purposes only and should not be construed as financial advice. Always conduct your own research or consult with a professional financial advisor before making investment decisions.
