Tilaknagar rallied from ₹199.53 to ₹529.90, completing a clean 5-wave impulse. The move stretched right into the 1.618 Fib extension (₹508.95) and was accompanied by RSI bearish divergence, hinting at exhaustion.
With the Wave 1 top confirmed at ₹529.90, a corrective Wave 2 is expected. The ideal retracement zone sits between ₹403.70 (0.382) and ₹364.70 (0.5). Price action into this zone will be key to assessing the next leg.
⚠️ Bearish invalidation level: A close above ₹529.90 invalidates the correction view and opens the door to an extended Wave 3 instead.
In short:
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.
With the Wave 1 top confirmed at ₹529.90, a corrective Wave 2 is expected. The ideal retracement zone sits between ₹403.70 (0.382) and ₹364.70 (0.5). Price action into this zone will be key to assessing the next leg.
⚠️ Bearish invalidation level: A close above ₹529.90 invalidates the correction view and opens the door to an extended Wave 3 instead.
In short:
- Holding below 529.90 → corrective Wave 2 towards 403–364.
- Breakout above 529.90 → Wave 3 extension continues.
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
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
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.