# NSE IDFCFirstBank Bullish Cycle Started

Long
Updated
NSE:IDFCFIRSTB   IDFC FIRST BANK

Preface:
IDFC First bank is ready to march upward. After making the high of 69.30, the Price has started the corrective wave four and took 179 days to complete. The ending point of wave 4 is the starting point of impulsive wave 5.

Wave Formations And Fibonacci Relationships:
Wave 1 is a Leading diagonal which has a 3-3-3-3-3 sub-wave structure.

Wave 2 is a combination where wave 'W' is a zigzag & wave 'Y' is a triangle. Fibonacci retracement of wave 2 is 38.2% of wave 1.
Wave 2 is not exceeding the starting point of wave 1.

Wave 3 is an extensive impulse. 3rd wave has 261.8% retracement of wave 1.

Wave 4 is a zigzag correction with a 5-3-5 wave structure.
Sub-wave of wave 4 fulfilled the rule of equality (wave A= wave C).
Wave 4 retraced 78.6% of wave 3.

What will happen next?
Completion of sub-wave C indicates that the corrective wave has ended. Price has started forming sub-waves of wave 5.
Wave (ii) retraced 78.6% of wave (i).
If the IDFC First Bank breaks the high of wave 1, it will confirm the impulsive behavior of wave (iii).

(Note that the ending point of the corrective wave is the starting point of an impulsive wave.)

A trader can expect the following targets: 64-74.64- 86.2+

Target 1: 64
{Clusters: high of wave B,161.8% of wave (iii), 78.6% of reverse Fibonacci retracement of wave 4}

Target 2: 74.64
{Clusters: 2.618% of wave (i) through (iii), 161.8% of wave 1 through 3}

Target 3: 86.23
{Clusters:78.6% reverse Fibonacci retracement of wave 4, dynamic resistance}

Comment:
Price failed to break the parallel channel.
Traders can wait for the last leg of the move, where they can buy the stock at an intrinsic price.
Comment: