Coforge has likely completed Wave c of (D) with a clean ending diagonal near the upper boundary of the multi-month triangle structure. This raises the probability of Wave (D) being complete — if price turns down from here.
Technical View
Trade Setup (If Reversal Confirms)
Note: This is a countertrend short inside a strong rally. Wait for the actual reversal signal — the ED alone is not a sell trigger.
Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please do your own research (DYOR) before making any trading decisions.
Technical View
- Ending Diagonal: The final leg into ₹1,986 shows a wedge structure — typical of terminal C-waves inside corrective patterns.
- Structural Resistance: This move hits the B–D trendline, a natural pivot for Wave (D) completion.
- Pivot Zone: The 52-week high at ₹2,005.35 is a clean external invalidation. A sustained move above it would contradict the triangle scenario.
Trade Setup (If Reversal Confirms)
- Bias: Short-term bearish (potential Wave E)
- Trigger: A confirmed bearish reversal candle in the ₹1,985–₹1,995 zone
- Target: ₹1,700–₹1,750
- Invalidation: Close above ₹2,005.35
Note: This is a countertrend short inside a strong rally. Wait for the actual reversal signal — the ED alone is not a sell trigger.
Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please do your own research (DYOR) before making any trading decisions.
Trade active
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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.