IREDA Elliot wave analysis and targets

Jul 11

IREDA seems to be in wave (iii) of wave 3 (major wave) and that is supposed to be longest and strongest and hence after successfully completing C&H pattern target of 250 it is still bullish and can now target towards 300+ target.
Overall for Longer Term it is looking bullish so one can ride it using stop loss trail strategy for further up moves.

It is difficult to catch the top of this wave but Fib retracements drawn can be considered for now.

*** Please note this is not a trade advice but just chart analysis study shared for educational purpose, one must do his/her own analysis before taking any trade.

Jul 12

Trade active

304 has been the day high, pretty close to the 1.618 retracement of 308, if IREDA does not stop here around 308 then (iii) wave might get extended to 346 level.

Jul 15

Note

310 was the day high, Fib Level 308 done, but wave 3 is over or not depends on when this 310 is broken. There is clearly good resistance in the area of 300-310 and stock is getting rejections from this range but if this range is broken then 346 will be the next target,

Jul 16

Note

As expected as range of 300-308 not crossed and stock has moved down, that means wave 3 is completed and wave 4 is in formation which can go up to 250 and then one more up move might come, let's see !

Jul 18

Note

As expected it has touched 250 in the form of wave 4, now need to wait to see if wave 4 is completed, means it must not go further down from this area otherwise that means wave 4 is not completed yet.

Jul 19

Note

I bounced back from 250 levels till next fib level 272.
This indicates wave 4 might be completed and we can see up move in the form of 12345 wave pattern for wave 5.

So far it is moving as per waves drawn with fib levels and hence a good possibility to cross LTH 310 in some days.

Jul 23

Note

This seems a perfect ABC correction wave, it can be purchased for higher targets in the range of current levels-232, 232-227 seems the be the stop loss range.

Aug 7

Note

As commented on July 24 it came up to 235 and with that the stop loss was minimum to 232, now with stop loss trail we must be in 0 loss situation.

It has started to move up from the buy range mentioned, did not break 232 which might be end of correction wave ABC, that means inner waves 1 and 2 are also completed for last impulsive wave 5. Formation of higher high and higher low is needed to confirm if correction is over and inner wave (3) of last impulsive wave 5 has started.

Aug 8

Note

As explained in earlier comment most likely last wave#5 has started so with stop loss of 230 it cab be bought on dips as near to 235 as possible. Once it moves above 272 then fib levels can be used as stop loss.

Aug 27

Note

As per the comments made on Aug 08, it came up to 238 and that was the best time to make entry with wave 4 seems to be over and now we are in wave 5 so let's see how it goes from here.