Swiggy has been undergoing correction since its listing in the form of a zigzag as per Elliott Wave Principe which is a 5-3-5 structure. Wave A (5 waves down), Wave B (3 waves up), and Wave C (5-waves down). Wave C has to make an equal or lower low than Wave A.
Wave A got completed on 13 May 25 and Wave B got completed on 19 Sep 25.
Wave C of the zigzag is in progress which is a 5-wave structure with one of its wave (Wave 3) being an extended wave. Wave C has already made a lower low.
Stock most likely has completed Wave 3 of Wave C at 61.8% of SW(I-III). Wave 4 is a counter wave providing a buying opportunity.
If stock has to retrace to SW(IV) level, there is a potential 33% upside (subject to market conditions being favourable).
Buy at current levels with a stop loss of 255 for an excellent risk-reward trade.
Trade closed manually
Stock did not form a larger W4 as expected and hence trade was closed.
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.