On the daily chart, DMart(Avenue Supermarts Ltd) appears to be unfolding a clean (a)-(b)-(c) correction within the ongoing downtrend from ₹4,949.50.
The initial leg down to ₹4,111 unfolded in five waves, marking Wave (a) of the correction. A relief rally is likely next — an expected Wave (b) move that could face resistance around the ₹4,500–₹4,600 zone.
If this view holds, a final Wave (c) decline may complete the pattern near ₹3,300–₹3,400 — aligning with the previous demand area. RSI is trying to rebound from oversold territory, hinting that the short-term recovery phase could soon begin.
When we zoom out to the weekly chart, this entire structure fits as part of a larger W–X–Y double zigzag correction that began from the ₹5,900 all-time high.
In other words — a correction inside a correction.
Until price convincingly breaks above ₹4,950, DMart remains in a broader corrective phase. The bulls may see short-term relief, but the bigger correction likely hasn’t finished playing out.
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.
The initial leg down to ₹4,111 unfolded in five waves, marking Wave (a) of the correction. A relief rally is likely next — an expected Wave (b) move that could face resistance around the ₹4,500–₹4,600 zone.
If this view holds, a final Wave (c) decline may complete the pattern near ₹3,300–₹3,400 — aligning with the previous demand area. RSI is trying to rebound from oversold territory, hinting that the short-term recovery phase could soon begin.
When we zoom out to the weekly chart, this entire structure fits as part of a larger W–X–Y double zigzag correction that began from the ₹5,900 all-time high.
In other words — a correction inside a correction.
Until price convincingly breaks above ₹4,950, DMart remains in a broader corrective phase. The bulls may see short-term relief, but the bigger correction likely hasn’t finished playing out.
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.
WaveXplorer | Elliott Wave insights
📊 X profile: @veerappa89
📊 X profile: @veerappa89
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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.