Greenply- shall be in Green sooner.This chart is an Elliott Wave analysis of Greenply Industries Ltd. (NSE) on the weekly timeframe, indicating potential price movements.
Key Observations:
Elliott Wave Count:
The chart follows a five-wave impulse structure (marked in orange).
Wave 3 has peaked, and Wave 4 is in progress, expected to correct before Wave 5's continuation upward.
Support & Resistance Levels:
Support Zones:
Fib 0.5 retracement level at ~239.77 INR (green zone).
Previous strong support at ~133.86 INR.
Resistance Levels:
411.95 INR (previous high).
Potential Wave 5 target at ~551.90 INR.
Fibonacci Extensions:
1.618 extension at ~428.90 INR.
4.764 extension at ~394.30 INR.
These levels suggest strong confluence zones for future price reactions.
Current Price Action:
The stock is currently at 283.00 INR (+3.87%).
Wave 4 correction appears to be forming, possibly bottoming in the green support zone before Wave 5 rallies higher.
Conclusion:
Short-term: Potential downside as Wave 4 corrects into the 245-271 INR support zone.
Mid-to-Long-term: A Wave 5 rally towards 550 INR is anticipated after the correction.
Key levels to watch: Support around 239 INR, breakout above 411 INR for confirmation of Wave 5.
