The weekly chart of MRF Ltd appears to be completing a Wave 5 ending diagonal, a structure that often marks the final leg of a larger impulse. The internal waves (i)–(v) overlap neatly within converging trendlines, signalling exhaustion rather than expansion.
Meanwhile, RSI is diverging—price printed a new high, but momentum failed to confirm. This bearish divergence suggests the rally is running on fumes.
A break below the lower wedge line could open the door for a sharp corrective decline, potentially retracing a good portion of the entire fifth-wave rise.
Summary:
Final push likely done. Momentum fading. Watch the wedge support—if it cracks, the tyre may finally deflate.
Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please do your own research (DYOR) before making any trading decisions.
Meanwhile, RSI is diverging—price printed a new high, but momentum failed to confirm. This bearish divergence suggests the rally is running on fumes.
A break below the lower wedge line could open the door for a sharp corrective decline, potentially retracing a good portion of the entire fifth-wave rise.
Summary:
Final push likely done. Momentum fading. Watch the wedge support—if it cracks, the tyre may finally deflate.
Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please do your own research (DYOR) before making any trading decisions.
WaveXplorer | Elliott Wave insights
📊 X profile: @veerappa89
📊 X profile: @veerappa89
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
WaveXplorer | Elliott Wave insights
📊 X profile: @veerappa89
📊 X profile: @veerappa89
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.