IREDA (Indian Renewable Energy) - Elliott Wave AnalysisCurrent 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.
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