In the realm of technical analysis, the 75-minute timeframe chart of HDFC Life has unveiled a compelling Elliott Wave setup. A closer inspection of the recent retracement indicates a potential Wave 4 correction in progress. Let's delve into the Fibonacci relationships inherent in this labeling.
Wave 2 retracement was contained within the vicinity of 50%, while the extended nature of Wave 3 surpassed 162% of Wave 1. Notably, the current Wave 4 retracement appears shallow, confined between 24-38% of Wave 3. Even if it retraces around 38%, the target would be approximately 663.
The overall setup suggests a promising probability of Wave 5 materializing. As such, one might consider capitalizing on the recent decline, setting a stop loss at 655 for targets in the range of 705-710 within the short to medium term.
Wave 2 retracement was contained within the vicinity of 50%, while the extended nature of Wave 3 surpassed 162% of Wave 1. Notably, the current Wave 4 retracement appears shallow, confined between 24-38% of Wave 3. Even if it retraces around 38%, the target would be approximately 663.
The overall setup suggests a promising probability of Wave 5 materializing. As such, one might consider capitalizing on the recent decline, setting a stop loss at 655 for targets in the range of 705-710 within the short to medium term.
Comment:
HDFC Life hits minimum Wave 5 TGT. Now book some gain and trail the position.
Dev Advisory