Garden Reach Shipbuilders & Engineers (GRSE) continues to show a weak structure on the daily chart after correcting sharply from its high of ₹3,538.
The Elliott Wave structure suggests that the larger corrective Wave (C) may still be unfolding. Within this decline, the stock appears to be approaching a possible Wave 3 move, with ₹1,755 as the key downside target.
After this decline, a temporary Wave 4 recovery could take the stock toward ₹2,200. If the bearish structure remains intact, a final Wave 5 decline could bring the price toward ₹1,650.
Key levels to watch
- Immediate support: ₹1,900
- Wave 3 target: ₹1,755
- Wave 4 recovery target: ₹2,200
- Wave 5 target: ₹1,650
Outlook:
The broader trend remains bearish, and any recovery may face selling pressure. A sustained move above the projected recovery zone would require a reassessment of this Elliott Wave count.
This is a technical scenario, not a certainty. Price action around the key levels will be important in confirming or invalidating the pattern.
By BrightRally_Research
The Elliott Wave structure suggests that the larger corrective Wave (C) may still be unfolding. Within this decline, the stock appears to be approaching a possible Wave 3 move, with ₹1,755 as the key downside target.
After this decline, a temporary Wave 4 recovery could take the stock toward ₹2,200. If the bearish structure remains intact, a final Wave 5 decline could bring the price toward ₹1,650.
Key levels to watch
- Immediate support: ₹1,900
- Wave 3 target: ₹1,755
- Wave 4 recovery target: ₹2,200
- Wave 5 target: ₹1,650
Outlook:
The broader trend remains bearish, and any recovery may face selling pressure. A sustained move above the projected recovery zone would require a reassessment of this Elliott Wave count.
This is a technical scenario, not a certainty. Price action around the key levels will be important in confirming or invalidating the pattern.
By BrightRally_Research
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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.