Here we had shared possible Elliott wave counts on chart of Dabur India ltd. in which we can see that currently we are in corrective phase of this stock, On daily chart we can see that possibly we are in wave (c) of Y of (4), post wave (4) we can start fresh rally towards wave (5) in north direction, but currently we still have to complete corrective phase which is in complex correction pattern, so labeled as W-X-Y, in which we have completed wave W-X and now possibly we are in wave Y, also I'll mention here that in wave Y we have finished wave (a) and wave (b) and now possibly we are in wave (c) of wave Y, in wave (c) we have done wave i, and wave ii and now we are unfolding wave iii of (c) of Y.
Along with wave structures we are witnessing lots of situations in technical charts which are aligning and supporting same bearish bias, like negative crossovers, breakdowns, low relative strengths, RK's Mass psychological cloud etc. etc. I am not Sebi registered analyst. My studies are for educational purpose only. Please Consult your financial advisor before trading or investing. I am not responsible for any kinds of your profits and your losses.
Please check snap shots shared below
Possible Elliott wave counts on Daily time frame.
Possible Elliott wave counts on Hourly time frame
Support breakdown along with good intensity of volume
Price broken down from ascending parallel channel with good volumes
RK's Mass psychological cloud and stop line both indicating bearish bias ahead.
Bearish Sequence in major moving averages 50DMA is below 100DMA and 100 DMA is less than 200DMA
Price closed below lower Bollinger band on daily time frame
Price closed below lower Bollinger band on weekly time frame
RSI below 40 is too bearish in daily
RSI below 40 is too bearish in weekly
MACD in daily negative crossover under zero level
MACD in weekly also negative
MACD in monthly already running in negative mode
DMI ADX both in bearish strength in daily chart
DMI ADX both in bearish strength in weekly chart
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Disclaimer. I am not sebi registered analyst. My studies are for educational purpose only. Please Consult your financial advisor before trading or investing. I am not responsible for any kinds of your profits and your losses.
The proof looks super strong though, well done