Canara Bank is consolidating its massive run from 78.60 to 162.89 via a clean weekly contracting triangle. The price action is compressing beautifully, resetting overbought conditions without causing structural damage to the macro uptrend.
Trade Parameters
Wave Count:
Disclaimer: This analysis is for informational and educational purposes only and does not constitute explicit financial advice to buy or sell.
Trade Parameters
- Anticipated Entry: 125.72 (Lower trendline support / Wave e completion)
- Hard Stop Loss: 119.30 (Decisive weekly close below prior resistance-turned-support)
- Targets: 151.89 (Local structural resistance) and 162.89+ (Prior high / ultimate thrust target)
- Risk-to-Reward: 1:5.7
Wave Count:
- Primary Count : This structure is tracked as a Primary Wave 4 Contracting Triangle. Waves a through d are complete. Price is currently drifting lower toward the blue zone to finalize Wave e. Elliott Wave guidelines dictate a swift, aggressive "Triangle Thrust" (Primary Wave 5) once this pattern resolves.
- Alternate Count : A weekly close below 119.30 invalidates the triangle entirely. If this level fails, Wave 4 morphs into a deeper, complex correction.
Disclaimer: This analysis is for informational and educational purposes only and does not constitute explicit financial advice to buy or sell.
WaveXplorer | Elliott Wave insights
📊 X profile: @veerappa89
📊 X profile: @veerappa89
Related publications
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.
WaveXplorer | Elliott Wave insights
📊 X profile: @veerappa89
📊 X profile: @veerappa89
Related publications
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.