National Aluminium looking bullish ahead as per wave structure

Hello Friends,

Here we had shared possible Elliott wave counts of National Aluminium chart, on daily time frame, which is clearly indicating that above 66.95 major support level it is purely in an impulsive phase.

According to the Elliott wave structure, the price chart has exhibited the following patterns:

The initial phase consisted of an upward impulse movement, representing a larger wave marked as ((1)). Subsequently, a significant correction took place, forming wave 5 within wave (C) of the larger wave ((2)). This correction reached its lowest point in July 2022 at a price level of 66.95.

Currently, there are indications that we have entered and started the larger wave ((3)). Within this wave, we are currently witnessing the development of wave (1), which is expected to unfold in five sub-waves. The first two sub-waves, 1 and 2, have already been completed.

Looking ahead, we anticipate a northward movement as wave 3 within wave (1) of the larger wave ((3)). We have already experienced sub-waves (i) and (ii) within wave 3, and we are now potentially prepared for an upward surge as wave (iii) of 3, within wave 1 of the larger wave ((3)).

Elliott wave structure mentioned on chart shared below

Breakout with very good intensity of Volumes

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My studies are for educational purpose only.

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