IIFL Finance Elliot Wave Analysis for 24th June
IIFL Finance seems to at the very last leg of corrective phase of Elliot wave that is to complete wave C (check blue color). WAVE C need to be in the form of pattern pattern 12345 (check wave in red Color).
Interestingly the last leg of this wave that is leg (V) is not completed yet and everything got completed properly till wave (iv). So to form this last wave (v) the script need to come down to low of wave (iii) that is 469.05 and as wave (iii0 length is 12.1 so if 478 remains the high of wave (iv) or whatever new high is created on 24th June from there 12.1 is the max the script should go down.
** Assuming 478 remains the high then 466 is the max and from there script must move upward.
Will have to see if stock starts a fresh Elliott wave with impulsive block or goes sideways to further correction later but this can be the strategy to trade it tomorrow.
* It is not a trade advise but technical analysis shared based on my understanding of patterns and personal experiences, please take any trade at your own risk.
** The waves must be seen on 1/2 minute chart which I can use to publish - minimum 15 min chart is allowed.
Interestingly the last leg of this wave that is leg (V) is not completed yet and everything got completed properly till wave (iv). So to form this last wave (v) the script need to come down to low of wave (iii) that is 469.05 and as wave (iii0 length is 12.1 so if 478 remains the high of wave (iv) or whatever new high is created on 24th June from there 12.1 is the max the script should go down.
** Assuming 478 remains the high then 466 is the max and from there script must move upward.
Will have to see if stock starts a fresh Elliott wave with impulsive block or goes sideways to further correction later but this can be the strategy to trade it tomorrow.
* It is not a trade advise but technical analysis shared based on my understanding of patterns and personal experiences, please take any trade at your own risk.
** The waves must be seen on 1/2 minute chart which I can use to publish - minimum 15 min chart is allowed.
Comment:
Bang on 0- as predicted the script made wave 1 with low 470 and then made wave 2 with high 477 was formed and then it is forming wave 3 which is supposed to go below 470 and then wave 4 to retrace the script again will happen, then the last leg till 466 will conclude the correction phase wave C.
Comment:
The waves can be seen on 1/5 minute chart only and hence not able to show them here, no option to do any attachment either :(
Comment:
IIFL Finance made low of 457 which seems the completion of corrective phase wave C. Now from here a new fresh Elliott wave might start, it so it will be bigger than 200 points from 457 i.e. 657-700 (LTH) can be the high of next Elliott wave. Let's see how it goes from here.
I miscalculated the waves formation and hence wrongly counted the WAVE C inner wave formation and hence mis-calculated low of point C to be 466.
I miscalculated the waves formation and hence wrongly counted the WAVE C inner wave formation and hence mis-calculated low of point C to be 466.
Trade closed: target reached:
As the waves formed in the downside as predicted and gave in fact better results so closing this idea.
Comment:
As commented today a new elliott wave started, if it get completed following the rules then this script can touch LTH again in som time.
All depends on RBI decision on gold loan BAN - if that turns out to be positive then it will run like a horse - let's see
All depends on RBI decision on gold loan BAN - if that turns out to be positive then it will run like a horse - let's see