Multi Commodity Exchange of India Limited :
Though the stock got listed in Dec 2012, the stock commenced an impulse wave only during Aug 2013. The stock has seen a spectacular rally.
It completed its first Wave of primary during Dec 2016 and underwent correction until Feb 2019, i.e. Primary degree Wave 2 achieved a 61.8% retracement.
Wave 3 of primary degree was an exceptionally strong wave and same was completed during Dec 2024. W4 was a short zigzag and same got completed in Mar 2025 with a retracement of 38.2% of W3.
W2 and W4 had a textbook correction, i.e. W2 a deeper correction and W4 a shallow correction.
The stock has been forming W5 of primary degree ever since Mar 2025.
There is a good possibility that stock has completed W5 of primary degree as follows :-
W1 of intermediate degree was a SW5 extension @ 1.618x and same got completed in Jul 2025; W2 achieved a retracement of 38.2% and same got completed in Aug 2025.
W3 of intermediate degree was a SW5 extension @ 2x and same got completed on 29 Jan 2026; W4 quickly achieved a retracement of 50% of W3.
W5 of intermediate degree formed at similar levels of W3 on 18 March. With this, W5 of Primary degree also got completed which is a larger degree Wave completion.
It is likely that stock will undergo larger correction. Use any upswing to exit and avoid any fresh positions.
Trade closed: stop reached
Wave count mismatch, stock hit SL
ChartTheWave |
t.me/chartthewave
This channel is a common forum for "Elliott Wave Principle" enthusiasts, learners and practitioners. We aim to build a team of traders who practice EWP for common benefit; co-learn, teach, share, validate and benefit.
t.me/chartthewave
This channel is a common forum for "Elliott Wave Principle" enthusiasts, learners and practitioners. We aim to build a team of traders who practice EWP for common benefit; co-learn, teach, share, validate and benefit.
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.
ChartTheWave |
t.me/chartthewave
This channel is a common forum for "Elliott Wave Principle" enthusiasts, learners and practitioners. We aim to build a team of traders who practice EWP for common benefit; co-learn, teach, share, validate and benefit.
t.me/chartthewave
This channel is a common forum for "Elliott Wave Principle" enthusiasts, learners and practitioners. We aim to build a team of traders who practice EWP for common benefit; co-learn, teach, share, validate and benefit.
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.