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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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.
WaveXplorer | Elliott Wave insights
📊 X profile: @veerappa89
📊 X profile: @veerappa89
Related publications
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.