Today’s price action was rough across Nifty and the broader market. But beneath the volatility, some charts are quietly holding their structure — and that’s worth paying attention to.
In Avenue Supermarts Ltd, price has unfolded a clean 5-wave advance on the 1-hour timeframe from the 3605.10 low to 3918.60, allowing the move to be labeled as Wave 1 / A.
The subsequent decline shows a corrective ABC structure, with overlapping price action and weakening momentum — characteristics typical of a correction. The drop into 3645.50 fits well as wave b
, potentially completing Wave 2 / B.
At this point, confirmation of Wave 2 / B completion is still awaited. The bullish structure remains valid only if price continues to hold above 3605.10 on a closing basis. As long as this level is respected, the setup keeps the door open for a potential Wave 3 / C advance, with scope for a retest and possible extension beyond 3918, offering a favorable reward-to-risk profile.
A decisive close below 3605.10 would invalidate this count and warrant a reassessment.
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.
In Avenue Supermarts Ltd, price has unfolded a clean 5-wave advance on the 1-hour timeframe from the 3605.10 low to 3918.60, allowing the move to be labeled as Wave 1 / A.
The subsequent decline shows a corrective ABC structure, with overlapping price action and weakening momentum — characteristics typical of a correction. The drop into 3645.50 fits well as wave b
, potentially completing Wave 2 / B.
At this point, confirmation of Wave 2 / B completion is still awaited. The bullish structure remains valid only if price continues to hold above 3605.10 on a closing basis. As long as this level is respected, the setup keeps the door open for a potential Wave 3 / C advance, with scope for a retest and possible extension beyond 3918, offering a favorable reward-to-risk profile.
A decisive close below 3605.10 would invalidate this count and warrant a reassessment.
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.