The push to ₹9,490 looked like strength, but the internal map is clear — this entire structure is a zigzag, not an impulsive trend.
The rally into ₹9,490 is a classic Wave X zigzag, confirmed by RSI giving a sharp overbought spike and then immediately fading. That’s exhaustion, not Wave 3 behaviour.
Inside the larger Double Zigzag (W–X–Y), price has now completed Wave (B) of (W) in Wave Y.
Wave (W) of Y is still forming. After (W) completes, a small (X) bounce remains possible before the final (Y) leg lower.
Key Levels:
As long as price stays below ₹9,490, the multi-zigzag structure remains the dominant path.
Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please do your own research (DYOR) before making any trading decisions.
The rally into ₹9,490 is a classic Wave X zigzag, confirmed by RSI giving a sharp overbought spike and then immediately fading. That’s exhaustion, not Wave 3 behaviour.
Inside the larger Double Zigzag (W–X–Y), price has now completed Wave (B) of (W) in Wave Y.
Wave (W) of Y is still forming. After (W) completes, a small (X) bounce remains possible before the final (Y) leg lower.
Key Levels:
- Target 1: ₹8,256
- Target 2: ₹7,089
- Invalidation: ₹9,490
As long as price stays below ₹9,490, the multi-zigzag structure remains the dominant path.
Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please do your own research (DYOR) before making any trading decisions.
WaveXplorer | Elliott Wave insights
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📊 X profile: @veerappa89
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WaveXplorer | Elliott Wave insights
📊 X profile: @veerappa89
📊 X profile: @veerappa89
Pubblicazioni correlate
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.