Canara Bank is consolidating its massive run from 78.60 to 162.89 via a clean weekly contracting triangle. The price action is compressing beautifully, resetting overbought conditions without causing structural damage to the macro uptrend.
Trade Parameters
Wave Count:
Disclaimer: This analysis is for informational and educational purposes only and does not constitute explicit financial advice to buy or sell.
Trade Parameters
- Anticipated Entry: 125.72 (Lower trendline support / Wave e completion)
- Hard Stop Loss: 119.30 (Decisive weekly close below prior resistance-turned-support)
- Targets: 151.89 (Local structural resistance) and 162.89+ (Prior high / ultimate thrust target)
- Risk-to-Reward: 1:5.7
Wave Count:
- Primary Count : This structure is tracked as a Primary Wave 4 Contracting Triangle. Waves a through d are complete. Price is currently drifting lower toward the blue zone to finalize Wave e. Elliott Wave guidelines dictate a swift, aggressive "Triangle Thrust" (Primary Wave 5) once this pattern resolves.
- Alternate Count : A weekly close below 119.30 invalidates the triangle entirely. If this level fails, Wave 4 morphs into a deeper, complex correction.
Disclaimer: This analysis is for informational and educational purposes only and does not constitute explicit financial advice to buy or sell.
WaveXplorer | Elliott Wave insights
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WaveXplorer | Elliott Wave insights
📊 X profile: @veerappa89
📊 X profile: @veerappa89
관련 발행물
면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.