Strong bullishcase for NALCONational Aluminium Company Ltd | Weekly Elliott Wave Update
On the weekly timeframe, price has already exceeded the typical projection for Wave (5), confirming that the market is well into an ongoing impulsive phase, not a pending one.
Key structural observations:
Both Wave (2) and Wave (4) retraced close to 61.8%, indicating deep corrective behaviour earlier in the trend.
Despite these deep retracements, price has now surpassed the common Wave (5) target zone, strengthening the bullish case.
When earlier corrections are deep, the market often compensates by showing shallower retracements in the later part of the trend.
From an Elliott Wave guideline perspective, this opens up an important structural possibility:
The moves marked earlier as 1–2 and 3–4 may, in hindsight, evolve into a nested structure (1–2, 1–2),
Which would imply further impulsive extensions ahead, with Wave (3 of 3) and subsequent Wave (4 of 3) still to unfold.
However, such nesting cannot be labelled in advance and should only be confirmed as the structure reveals itself.
Conclusion:
The trend remains firmly bullish. Given the already-achieved Wave (5) extension and the history of deep corrections, the market may now progress with shallower pullbacks, while keeping open the possibility of structural reclassification as the advance matures.
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