Wave (4) seems to have evolved as a double combination (W–X–Y), with prices now testing the W–Y trendline support near the 0.618 retracement (~₹1,096).
The structure has been slow and overlapping — typical of a Wave (4) correction.
RSI too rests at channel support, hinting at momentum exhaustion.
A steady hold above this zone could pave the way for Wave (5), but confirmation is still pending.
Invalidation remains below ₹979.50.
Strategy:
Watch price behavior near the current support zone. Patience here pays more than prediction.
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.
The structure has been slow and overlapping — typical of a Wave (4) correction.
RSI too rests at channel support, hinting at momentum exhaustion.
A steady hold above this zone could pave the way for Wave (5), but confirmation is still pending.
Invalidation remains below ₹979.50.
Strategy:
Watch price behavior near the current support zone. Patience here pays more than prediction.
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
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.
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.