Technical Context
HINDALCO price action is currently testing a primary resistance confluence following the peak at 1,029.80. The prevailing structure suggests an unfolding (W)-(X)-(Y) complex correction. Current price levels align with the descending trendline, the 0.618 Fibonacci retracement at 955.75, and are accompanied by hidden bearish divergence on the daily RSI, indicating underlying momentum exhaustion.
Bearish Scenario
Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please make your own decisions before making any trading decisions.
HINDALCO price action is currently testing a primary resistance confluence following the peak at 1,029.80. The prevailing structure suggests an unfolding (W)-(X)-(Y) complex correction. Current price levels align with the descending trendline, the 0.618 Fibonacci retracement at 955.75, and are accompanied by hidden bearish divergence on the daily RSI, indicating underlying momentum exhaustion.
Bearish Scenario
- Thesis: The current resistance cluster will hold, completing corrective Wave (X) and initiating the downward motive Wave (Y).
- Trigger: Rejection at the 950.00 - 955.75 resistance zone, confirmed by a daily close.
- Targets: Downside extension beyond the terminal Wave (W) low at 835.95.
- Invalidation (Stop Loss): A decisive daily close above the definitive structural Wave B pivot at 983.50, which entirely breaks the prevailing lower-high market structure.
Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please make your own decisions before making any trading decisions.
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.