ABCAPITAL Elliott Wave StudyTF - Monthly -
Aditya Birla capital had broken out descending trendline at 80 . But, due to supply pressure, it couldn't make a new high again. It ends up making the same high(double top).
AB CAPITAL has made a monthly consolidation range of 139 - 95
As per the monthly chart, AB CAPITAL can take support from 78.05 .
Three reasons to consider this level:
1. AB CAPITAL has given five touches to this level.
2. AB CAPITAL had taken support and broken up the trendline.
3. AB CAPITAL can retraced 61.8 % at 76.45 , which is demand zone.
If AB CAPITAL breaks down to 90 , then it will come to take support near 78.05.
TF: Daily -
AB CAPITAL has completed corrective waves A & B . Wave C of wave 4 is about to completed.
We are getting similar confirmation that if AB capital breaks down to 90.05 , we can expect a support level of 78.05 .
As per Elliott wave, wave 4 can complete near the previous 4th wave of lower degree.
Wave 4 of lower degree is a 78.50 . We got the confluence zone as 78.05 . After taking support level, AB CAPITAL will start its upward march.
I will update more information soon.
Thank you!
@Money_Dictators
Abcapitalwavecount
AB CAPITAL Has Completed An 8-Month-Old Correction.According to the Elliott wave principle, AB capital has finished the corrective wave ((iv)).
Price carrying on the impulsive wave (v), yet traders shouldn’t take the position without a proper signal.
If the price breaks wave (X) , the price will surely make a new high because it will give evidence of the impulsive move.
Price may take retracement as wave x works as a resistance which can be the best entry for bull traders.
We can see the following targets:
127.70
138.96
151.2
165.9+
Invalidation: breakout of the minor channel.
