The Elliott Wave Theory's description of the structure and pattern of price movements in financial markets is known as the Elliott Wave Structure.
The Elliott Wave analysis indicates that the stock has completed waves (1),(2), (3), and (4), which are shown as blue numbers on the daily chart. Wave (5) appears to be underway at this time.
It is anticipated that wave (5) will have about five subdivisions shown in red colour.
Wave levels shown on chart.
Level of Invalidation
The Wave (1) has been identified as the invalidation level at 33.50. Because As per wave rules Wave (4) cannot enter into the price territory of Wave (1). If the price falls below this level, it can indicate that the expected Elliott Wave pattern is not as it seems.
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