NAVIGATING MAYURUNIQ THROUGH ELLIOT WAVES AND CHART PATTERN
Elliott Wave Analysis of MAYURUNIQ (1W) on BSE
Overview
This detailed Elliott Wave analysis covers the price action of MAYURUNIQ from 2004 to the present. The analysis includes the primary wave cycle from 2004, the subsequent correction, and the ongoing current wave structure.
Larger Cycle Analysis(0-I) (2004 - 2018))
1. Initiation of the Big Cycle (2004 - 2019):
- Wave (1): Began in 2004 at a price of approximately 6.00 INR and peaked around 220.00 INR in 2011.
- Wave (2): A corrective phase from late 2008 to early 2014, retracing to around 118.00 INR.
- Wave (3): A strong bullish wave from late 2014, peaking around 520.00 INR in late 2015
- Wave (4): A correction from late 2015to early 2017, reaching a low of approximately 320.20 INR.
- Wave (5): The final upward push from early 2017, peaking around 560.00 INR in 2018
Corrective Phase (2018 - 2020)
Following the completion of the primary wave (V), a significant correction phase(I-II) ensued:
- Wave a: Declined from 560.00 INR to around 350.00 INR.
- Wave b: A recovery to approximately 450.00 INR.
- Wave c: Further decline, reaching the low of around 118.20 INR in early 2020.
Current Big Wave Analysis (Wave II-III))
The bigger wave III comprising of 5 primary waves 1-5 marked in blue.
1. Initiation of Current Wave (III) (2020 - Present):
- Wave (1): An initial upward move from 118.20 INR (bottom of c) in early 2020 to approximately 630.00 INR by late-2021.
- Wave (2): A corrective wave retracing to around 330.00 INR by mid 2022.
- Wave (3): An extended bullish wave from 330.00 INR, currently in progress, and expected to reach higher levels, possibly around 1050.00 INR.
- Wave (4): An anticipated minor correction after Wave (3) completes, potentially retracing to around 800.00 INR.
- Wave (5): The final push of the current primary wave (III), expected to peak around 1200.00 INR.
Detailed Sub-wave Analysis within Current Wave (III)
1. Intermediate waves of Current Primary Wave (Blue 2-3)
- Wave (1): From 330 INR in mid 2022 to around 580.00 INR by earky-2024.
- Wave (2): A corrective phase down to 454:.00 INR.
- Wave (3): A strong bullish move from 454.00 INR, currently in progress, and expected to reach around 960.00 INR.
- Wave (4): An anticipated corrective wave, potentially retracing to around 800.00 INR.
- Wave (5): The final push of the current primary wave (III), expected to peak around 1000.00 - 1050.00 INR. Completing the primary waves 3 of III
Key Support and Resistance Levels
1. Support:
- 319.20 INR: Previous significant low.
- 454.00 INR: Recent corrective low.
2. Resistance:
- 1000.00 INR: Target for current Wave 3 and psych level.
Volume Analysis
- Increased volume during impulsive waves (I, III, V) and lower volume during corrective waves (II, IV), consistent with Elliott Wave principles.
Future Projections
1. Completion of Current Wave (III):
- Wave (III) is expected to peak around 1000.00 - 1100.00 INR, followed by a corrective Wave (IV).
2. Corrective Phase Post Wave (III):
- Anticipated correction phase (Wave IV) post the completion of Wave (III), retracing a portion of the gains made during the current wave.
3. Projection of Final Wave (V):
- Following the corrective phase, Wave (V) is expected to resume the bullish trend, potentially targeting higher levels beyond the current wave (III) around 1200
HEAD AND SHOULDERS ANALYSIS
Overview
The Inverted Head and Shoulders pattern is a bullish reversal formation that indicates a potential shift from a downtrend to an uptrend. This analysis will identify and evaluate the Inverted Head and Shoulders pattern observed in the MAYURUNIQ chart. We will examine the formation of the pattern, including the left shoulder, head, and right shoulder, and analyze the implications for future price movements.
Identifying the Inverted Head and Shoulders Pattern
1. Left Shoulder:
- Formation started in early 2015, with a trough around 340.00 INR.
- Followed by a rise to approximately 570.00 INR, forming the peak.
2. Head:
- The head formed as the price declined from the peak of the left shoulder, reaching a low of around 119.30 INR in early 2020.
- After reaching this low, the price again rose, forming another peak around 630.00 INR.
3. Right Shoulder:
- The right shoulder began forming as the price moved down from the 630.00 INR peak, reaching approximately 320.00 INR.
- Followed by a rise that didn't reach the head trough, confirming the right shoulder formation.
Analysis of the Pattern
1. Neckline:
- The neckline is drawn by connecting the peaks of the left shoulder (around 570.00 INR) and the head (around 620.00 INR).
- This trendline acts as a resistance level during the formation of the pattern.
2. Volume Analysis:
- Volume typically increases during the formation of the right shoulder compared to the head, indicating strengthening momentum.
- A breakout above the neckline usually occurs on increased volume, confirming the pattern and the reversal.
3. Breakout Confirmation:
- The pattern is confirmed if the price breaks above the neckline with a significant increase in volume.
- The target for the breakout is typically measured by the height of the head from the neckline and added to the breakout point which is coming out to be similar that by Elliot waves analysis
Implications for Future Price Movements
1. Bullish Reversal Signal:
- The Inverted Head and Shoulders pattern indicates a bullish reversal. If confirmed, it suggests that the prior downtrend (from 560.00 INR to 118.20 INR) is ending, and a new uptrend has begun .
2. Price Target Calculation:
- Height of the pattern is approximately 440. INR.
- Projecting upward from the breakout point, the target would be approximately 660.00 INR + 440.00 INR = 1100 INR approximately
3. Invalidation Point:
- The pattern would be invalidated if the price breaks below the right shoulder trough (around 320.00 INR) with significant volume, suggesting that the downtrend may continue instead.
Conclusion
Both Elliot wave analysis and The Inverted Head and Shoulders pattern observed in the MAYURUNIQ weekly chart signals a potential bullish uptrend ahead reaching
Levels of 1000+. Traders should watch for increased volume during the breakout and use the projected price target to inform their trading decisions.
Overview
This detailed Elliott Wave analysis covers the price action of MAYURUNIQ from 2004 to the present. The analysis includes the primary wave cycle from 2004, the subsequent correction, and the ongoing current wave structure.
Larger Cycle Analysis(0-I) (2004 - 2018))
1. Initiation of the Big Cycle (2004 - 2019):
- Wave (1): Began in 2004 at a price of approximately 6.00 INR and peaked around 220.00 INR in 2011.
- Wave (2): A corrective phase from late 2008 to early 2014, retracing to around 118.00 INR.
- Wave (3): A strong bullish wave from late 2014, peaking around 520.00 INR in late 2015
- Wave (4): A correction from late 2015to early 2017, reaching a low of approximately 320.20 INR.
- Wave (5): The final upward push from early 2017, peaking around 560.00 INR in 2018
Corrective Phase (2018 - 2020)
Following the completion of the primary wave (V), a significant correction phase(I-II) ensued:
- Wave a: Declined from 560.00 INR to around 350.00 INR.
- Wave b: A recovery to approximately 450.00 INR.
- Wave c: Further decline, reaching the low of around 118.20 INR in early 2020.
Current Big Wave Analysis (Wave II-III))
The bigger wave III comprising of 5 primary waves 1-5 marked in blue.
1. Initiation of Current Wave (III) (2020 - Present):
- Wave (1): An initial upward move from 118.20 INR (bottom of c) in early 2020 to approximately 630.00 INR by late-2021.
- Wave (2): A corrective wave retracing to around 330.00 INR by mid 2022.
- Wave (3): An extended bullish wave from 330.00 INR, currently in progress, and expected to reach higher levels, possibly around 1050.00 INR.
- Wave (4): An anticipated minor correction after Wave (3) completes, potentially retracing to around 800.00 INR.
- Wave (5): The final push of the current primary wave (III), expected to peak around 1200.00 INR.
Detailed Sub-wave Analysis within Current Wave (III)
1. Intermediate waves of Current Primary Wave (Blue 2-3)
- Wave (1): From 330 INR in mid 2022 to around 580.00 INR by earky-2024.
- Wave (2): A corrective phase down to 454:.00 INR.
- Wave (3): A strong bullish move from 454.00 INR, currently in progress, and expected to reach around 960.00 INR.
- Wave (4): An anticipated corrective wave, potentially retracing to around 800.00 INR.
- Wave (5): The final push of the current primary wave (III), expected to peak around 1000.00 - 1050.00 INR. Completing the primary waves 3 of III
Key Support and Resistance Levels
1. Support:
- 319.20 INR: Previous significant low.
- 454.00 INR: Recent corrective low.
2. Resistance:
- 1000.00 INR: Target for current Wave 3 and psych level.
Volume Analysis
- Increased volume during impulsive waves (I, III, V) and lower volume during corrective waves (II, IV), consistent with Elliott Wave principles.
Future Projections
1. Completion of Current Wave (III):
- Wave (III) is expected to peak around 1000.00 - 1100.00 INR, followed by a corrective Wave (IV).
2. Corrective Phase Post Wave (III):
- Anticipated correction phase (Wave IV) post the completion of Wave (III), retracing a portion of the gains made during the current wave.
3. Projection of Final Wave (V):
- Following the corrective phase, Wave (V) is expected to resume the bullish trend, potentially targeting higher levels beyond the current wave (III) around 1200
HEAD AND SHOULDERS ANALYSIS
Overview
The Inverted Head and Shoulders pattern is a bullish reversal formation that indicates a potential shift from a downtrend to an uptrend. This analysis will identify and evaluate the Inverted Head and Shoulders pattern observed in the MAYURUNIQ chart. We will examine the formation of the pattern, including the left shoulder, head, and right shoulder, and analyze the implications for future price movements.
Identifying the Inverted Head and Shoulders Pattern
1. Left Shoulder:
- Formation started in early 2015, with a trough around 340.00 INR.
- Followed by a rise to approximately 570.00 INR, forming the peak.
2. Head:
- The head formed as the price declined from the peak of the left shoulder, reaching a low of around 119.30 INR in early 2020.
- After reaching this low, the price again rose, forming another peak around 630.00 INR.
3. Right Shoulder:
- The right shoulder began forming as the price moved down from the 630.00 INR peak, reaching approximately 320.00 INR.
- Followed by a rise that didn't reach the head trough, confirming the right shoulder formation.
Analysis of the Pattern
1. Neckline:
- The neckline is drawn by connecting the peaks of the left shoulder (around 570.00 INR) and the head (around 620.00 INR).
- This trendline acts as a resistance level during the formation of the pattern.
2. Volume Analysis:
- Volume typically increases during the formation of the right shoulder compared to the head, indicating strengthening momentum.
- A breakout above the neckline usually occurs on increased volume, confirming the pattern and the reversal.
3. Breakout Confirmation:
- The pattern is confirmed if the price breaks above the neckline with a significant increase in volume.
- The target for the breakout is typically measured by the height of the head from the neckline and added to the breakout point which is coming out to be similar that by Elliot waves analysis
Implications for Future Price Movements
1. Bullish Reversal Signal:
- The Inverted Head and Shoulders pattern indicates a bullish reversal. If confirmed, it suggests that the prior downtrend (from 560.00 INR to 118.20 INR) is ending, and a new uptrend has begun .
2. Price Target Calculation:
- Height of the pattern is approximately 440. INR.
- Projecting upward from the breakout point, the target would be approximately 660.00 INR + 440.00 INR = 1100 INR approximately
3. Invalidation Point:
- The pattern would be invalidated if the price breaks below the right shoulder trough (around 320.00 INR) with significant volume, suggesting that the downtrend may continue instead.
Conclusion
Both Elliot wave analysis and The Inverted Head and Shoulders pattern observed in the MAYURUNIQ weekly chart signals a potential bullish uptrend ahead reaching
Levels of 1000+. Traders should watch for increased volume during the breakout and use the projected price target to inform their trading decisions.
Disclaimer
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