The previous impulsive wave topped at ₹3030, marking an all-time high.
Since then, the structure has unfolded as a W–X–Y corrective double three. The market is now progressing within Wave Y, with Wave (a) already driving price down to ₹2090.
For Wave (b), watch for price rejection either at the midline of the channel or the upper boundary. A rejection from these levels should lead Wave (c) lower, targeting the 0.5–0.618 retracement zone between ₹2128 and ₹1915, where Wave Y may complete.
RSI is oversold and continues to print lower lows, showing no bullish divergence yet — momentum still favors the bears.
Bearish invalidation sits at ₹2550 — any sustained move above this would negate the immediate bearish view.
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.
Since then, the structure has unfolded as a W–X–Y corrective double three. The market is now progressing within Wave Y, with Wave (a) already driving price down to ₹2090.
For Wave (b), watch for price rejection either at the midline of the channel or the upper boundary. A rejection from these levels should lead Wave (c) lower, targeting the 0.5–0.618 retracement zone between ₹2128 and ₹1915, where Wave Y may complete.
RSI is oversold and continues to print lower lows, showing no bullish divergence yet — momentum still favors the bears.
Bearish invalidation sits at ₹2550 — any sustained move above this would negate the immediate bearish view.
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
📊 X profile: @veerappa89
📊 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.