A long-term structural view using Elliott Wave combined with trend-based Fibonacci extensions.
The move from the 2020–22 base appears to form a potential Wave (1) impulse.
The ongoing pullback is being considered as Wave (2), retracing close to the 0.6–0.7 Fib zone — a typical corrective range.
If this structure holds, a Wave (3) expansion could unfold toward the 1.272–1.618 extension zone (~₹140–₹180).
Followed by a Wave (4) consolidation and a possible Wave (5) continuation toward higher levels (~₹200+).
🔑 Key Confirmation Level:
Sustained breakout above ~₹85 (Wave 1 high) strengthens the bullish wave count.
⚠️ Invalidation:
Breakdown below ~₹30–₹35 would weaken/negate this structure.
📌 Note:
This is a probabilistic structural view, not a prediction. Alternate scenario could be a corrective ABC instead of a full impulse.
Would love to hear your thoughts or alternate counts.
The move from the 2020–22 base appears to form a potential Wave (1) impulse.
The ongoing pullback is being considered as Wave (2), retracing close to the 0.6–0.7 Fib zone — a typical corrective range.
If this structure holds, a Wave (3) expansion could unfold toward the 1.272–1.618 extension zone (~₹140–₹180).
Followed by a Wave (4) consolidation and a possible Wave (5) continuation toward higher levels (~₹200+).
🔑 Key Confirmation Level:
Sustained breakout above ~₹85 (Wave 1 high) strengthens the bullish wave count.
⚠️ Invalidation:
Breakdown below ~₹30–₹35 would weaken/negate this structure.
📌 Note:
This is a probabilistic structural view, not a prediction. Alternate scenario could be a corrective ABC instead of a full impulse.
Would love to hear your thoughts or alternate counts.
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.
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.