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Elliott Wave

Gujarat Gas Ltd – A Major Correction Nears CompletionAfter a volatile two-year decline, Gujarat Gas Ltd (NSE: GUJGASLTD) may be approaching the final leg of a prolonged corrective structure — a setup that aligns beautifully across both monthly and daily timeframes. The Bigger Picture – Monthly View From the 2016 lows near ₹94 , Gujarat Gas advanced in an impressive impulsive manner , peaking around ₹786. What followed has been a deep and time-consuming correction that unfolded as a double zigzag (W–X–Y) structure. Wave W bottomed at ₹403.55 in early 2021. Wave X retraced sharply to ₹689.95 — a typical counter-trend rally. Wave Y then extended lower and now appears to be terminating near ₹360. This region coincides with the 0.618 Fibonacci retracement of the entire 2016–2021 uptrend, an area often associated with exhaustion in larger corrective waves. Price action has also turned subdued, with narrower candle bodies and waning momentum — a sign that the multi-year correction may be approaching completion. Zooming In – Daily Structure The daily chart reveals the internal five-wave pattern within Wave C of Y nearing its end. The final sub-wave (5) has reached a confluence between 0.618 (₹411.7) and 0.786 (₹389.1) retracements, forming a technical Buy Zone. However, traders may consider waiting for bullish confirmation before acting. Watch for reversal signs such as Hammer, Bullish Engulfing patterns to confirm that buyers are stepping in from support. Importantly, the RSI shows bullish divergence — a classic sign that downside momentum is losing steam even as price makes marginal new lows. Confluence and Context Structural Alignment : Monthly W–X–Y correction appears mature. Fibonacci Support : Key retracement cluster at ₹389–₹412. Momentum Shift : RSI divergence adds conviction. Price Trigger : Wait for bullish candle confirmation from the Buy Zone. Risk Clarity : Invalidation below ₹372. Together, these factors indicate that the correction could be ending, setting the stage for a medium-term trend reversal. The Road Ahead If price sustains above ₹440–₹460 after a confirmed reversal signal, it could mark the beginning of a new upward phase — potentially the start of a larger impulsive leg. Failure to hold above ₹372 would, however, invalidate the bullish case and shift focus back to ₹340–₹360. In essence: Gujarat Gas is positioned at a confluence of structural, Fibonacci, and momentum supports — a zone where long-term corrections often end and new trends begin. Confirmation through bullish price action could validate the start of a new recovery leg. 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.
NSE:GUJGASLTDLong
by WaveXplorer
7
Netflix: Wave Z or a Surprise Truncation Ahead?After a textbook W–X–Y–X structure, Netflix now appears to be sketching the final leg “Z” inside a well-defined descending channel. Each corrective wave has respected the parallel boundaries — a sign of structural discipline rather than chaos. The latest drop to $1,087.30 tagged the channel’s lower rail and the Major Pivot near $1,064.50, precisely where the RSI has also reached its long-term support zone. This alignment hints that the market may be nearing exhaustion — but whether it’s the end of “Z” or just a pause before one more flush remains the key question. A sustained break below the pivot confirms completion of the triple correction, while a sharp rebound from here could mark a truncated Z, setting the stage for a larger recovery. 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.
NASDAQ:NFLXShort
by WaveXplorer
Is Wave 5 About to Lift Indian Bond Yields Higher?After a strong impulsive rise from 6.13% to 6.65%, the India 10-Year Government Bond Yield appears to be consolidating in a textbook Wave 4 contracting triangle . Each leg within the pattern—(a) through (e)—shows the typical compression seen before the final thrust in yields. If this interpretation holds, a Wave 5 breakout may soon lift yields higher toward or beyond the 6.7% region, completing the larger five-wave structure. Market Implication: A rise in bond yields usually reflects tightening liquidity and can act as a short-term headwind for equity indices such as the Nifty. Traders may want to watch this triangle’s resolution closely—an upside break in yields could coincide with a cooling phase in the broader market, while a failed breakout would favor continued equity strength. Chart Note: Contracting Wave 4 Triangle – Prepping for the Final Yield Thrust (Wave 5) 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.
TVC:IN10YLong
by WaveXplorer
Indus Towers: Channel Breakout Meets Wave TheoryA simple but powerful concept from classical technical analysis — the channel breakout target — plays out beautifully here. This idea, also discussed by Dr. Sudhir Dixit in his book on breakout signals, gives traders a disciplined way to estimate post-breakout targets. After a steady five-wave advance from ₹312.55 to ₹369.55, Indus Towers entered a clean descending channel , forming the corrective Wave 2. The breakout that followed came with a strong volume surge , confirming a clear shift in trend direction. Concept Recap In a channel breakout, the target can be derived by measuring the height of the channel (distance between support and resistance) and projecting it upward from the breakout point. That gives the 1:1 projection , while stronger rallies often stretch toward 2:1 or 3:1 multiples of that range. Wave Perspective Elliott Wave traders can interpret this breakout as the early phase of Wave 3 , which typically extends 1.0 to 1.618× Wave 1 . In this case, the 1.0× projection aligns near ₹395, while higher targets in the ₹412–₹430 zone fit naturally within Wave 3–5 progression. Key Chart Highlights Descending channel breakout — trend shift confirmed Volume surge validates breakout strength Wave 3 minimum extension ≈ ₹395 Stop-loss below ₹359 keeps the structure intact Takeaway: Even without labeling waves, the logic of a channel breakout offers a structured, rule-based method for identifying profit zones. Combine it with wave theory, and you transform a simple pattern into a roadmap for impulsive rallies. 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.
NSE:INDUSTOWERLong
by WaveXplorer
2
Larsen & Toubro: Wave 3 Heating Up — Eye on the Final 5After a clean impulse from ₹2,965 to ₹3,708 (Wave 1) and a extended flat correction to ₹3,405 (Wave 2), Larsen & Toubro has resumed its upward journey in what appears to be an extending Wave 3 . Structure in Focus Wave 3 reached the 1.618 × Wave 1 projection near ₹3,969 — an ideal zone for minor profit-taking. A short-term Wave 4 pullback could unfold toward ₹3,860 – ₹3,795 (Fib 0.236–0.382 retrace). As long as price holds above ₹3,727 (invalidation) , the structure stays firmly impulsive. Once Wave 4 confirms, a final Wave 5 rally could target ₹4,180–₹4,250, extending as high as ₹4,300 if momentum persists. Bigger Picture L&T remains a heavyweight within the Nifty 50, and its impulsive rhythm may just be the hidden engine powering Nifty’s climb. If this count plays out, a fresh high in L&T could easily set the tone for the index to follow suit. 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.
NSE:LTLong
by WaveXplorer
Federal Bank: Wave 4 Triangle Near Completion, Wave 5 AheadAfter a clean five-wave impulse from the 2020 low near ₹35.70 to the 2024 peak at ₹220, Federal Bank appears to be transitioning into a larger corrective phase. Weekly Outlook The broader structure suggests the start of a 5-3-5 zigzag correction , marked as A–B–C . Wave A is still unfolding — only Wave 4 of A appears complete, with Wave 5 expected next to finish the first leg of the correction. Once Wave 5 concludes, price could rebound toward the lower channel trendline to form Wave B, a counter-trend rally within the broader correction. Thereafter, a deeper Wave C decline may follow, potentially stretching into the ₹149–₹128 zone, which aligns with the 0.382–0.5 Fibonacci retracement range of the 2020–2024 advance. This developing structure reflects a natural pause after a long impulse cycle, with the market now transitioning into a corrective rhythm. Daily Chart Details Zooming in, the internal structure of Wave A shows a clear five-wave drop, with Wave (4) evolving as a contracting triangle pattern. The MA50 has started curling toward the MA200, hinting at a possible bearish crossover — a classical confirmation of trend transition. If price breaks below the triangle base, Wave (5) could extend toward ₹186–₹178, derived from Wave 1 projected from Wave 4’s end. The targets will be adjusted once the final (e)-wave of the triangle is confirmed, as a minor uptick remains possible. A sustained move above ₹206.39 would invalidate the immediate bearish setup and delay the decline. Conclusion: Federal Bank’s structure aligns with a typical post-impulse correction, and the interplay between Elliott Wave and moving averages provides a clear framework to track this phase. 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.
NSE:FEDERALBNKShort
by WaveXplorer
Cummins India – Wave 4 Expanded Flat Before New ATHFrom the 2580 low , Cummins India has likely started a new impulse sequence . Wave 1 unfolded as a Leading Diagonal , confirmed by messy overlaps and volume spikes. A sharp Wave 2 retracement was followed by a powerful Wave 3 rally to 3900. RSI has held a rising trendline throughout, supporting momentum. Now, price action suggests a Wave 4 Expanded Flat : Wave A dipped from 3900. Wave B exceeded the high. Wave C is projected to retrace into the 3737–3637 Fib zone , offering an entry setup. Trade Plan: Entry levels: 3737–3637 Stop loss (SL): Below 3419 Target (Tgt): New ATH at 4171+ RSI remains constructive — momentum intact unless the trendline breaks. 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.
NSE:CUMMINSINDLong
by WaveXplorer
State Bank of India – Breakout, but With CheckpointsWeekly Chart View State Bank of India has staged a strong breakout above the consolidation zone near ₹835, with weekly RSI showing healthy momentum and no bearish divergence yet. This breakout suggests that Wave 3/C is in progress , keeping the short-term outlook bullish. Key Observations: Wave 2/B: The recent sideways move looks like a triangle. While triangles are unusual for Wave 2, they are common in Wave B — raising the possibility that this could be part of a larger corrective flat. Resistance Levels: Immediate resistance sits at the Wave B high (₹875.45) , followed by the all-time high (₹912). The ATH retest will be critical in determining whether the structure continues impulsively or morphs into a flat. Support & Invalidation: The breakout remains valid as long as price stays above ₹786.55 (Wave 2/B low). A decisive break below this level would invalidate the current bullish structure and force reevaluation. Momentum: RSI is supportive, showing strength and no sign of divergence yet. Summary: The bias remains bullish in the short term , but this rally will be tested at the higher resistance levels. If the stock pushes through the ATH, we may confirm an impulsive sequence. If not, a 3-3-5 flat could be in play. Either way, this is a key checkpoint zone for SBI. 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.
NSE:SBINLong
by WaveXplorer
City Union Bank – Tight Stop, Wave 3 Setup in PlayDisclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please do your own research (DYOR) before making any trading decisions. Elliott Wave Setup City Union Bank has completed a W–X–Y double zigzag correction into 193.50, with Wave Y equaling Wave W — a classic case of corrective symmetry. From that low: Wave 1 unfolded as a leading diagonal. Wave 2 corrected as a running flat, showing underlying strength. Price is now attempting a breakout, suggesting Wave 3 is underway. The stop-loss / invalidation is clear: 205.41 , the Wave 2 low. This creates a textbook tight-risk entry point. Why Wave 3 Matters Wave 3 in Elliott theory is often the strongest, most extended move. Early signs support this potential: RSI is holding above mid-50s without new lows → momentum remains bullish. Volume has dried up during correction but is starting to expand with breakout attempts. Target zone : 224.6 → 236.5 (1.0–1.618 Fib extensions of Wave 1). Immediate challenge lies at the 212–214 resistance cluster. A clean break above confirms acceleration. Trading the Setup Tight stop: below 205.41. Potential reward: 20–25 points higher. Risk/Reward: exactly what traders look for in a Wave 3 entry. For readers, the bigger lesson is how Elliott Wave provides natural stop placement. By respecting Wave 2 lows, traders can define risk precisely and be positioned for the explosive Wave 3 rally. The Takeaway This is not just a bullish call on City Union Bank. It’s a case study in EW discipline: Use Wave 2 lows as invalidation. Look for Wave 3 to deliver the reward. Enter with conviction only when structure + momentum align.
NSE:CUBLong
by WaveXplorer
Is the SPX500 Correction OVER ?Analysed 1Hr chart: SPX 500 is correcting from around FEB 25th It has has been correcting in complex ABC pattern Within last Leg that is C, it has been doing W-X-Y correction. Will it have one more Z leg ? YES : If it retraces/does not cross previous high When this structure will be invalid ? When a hourly close is below 5096. What is the road map if the current structure holds good ? Wave-3 ~6000 Wave-4 Correction , back to 5500 ?? Wave-5 ~6200 Assumption: It follows plotted channel Times/Shape of pattern will get extended if time correction follows.
FOREXCOM:SPX500
by jsgadgil
Short Term SPX to hit a target of ~6800 post current correctionSPX is in a small time correction phase. Is the correction ended ? May not be, for it to prove correction has ended, price should show break out above current short term range., What are possibilities ? a) Price does a break out of current range and flows blue line to ~6800 target b) Price carries out ABC (RED ABC as marked) and bottom out around ~6200, then rise in impulse to hit a target of ~6800. When ? The view is time agnostic, so it may take weeks to months time.
FOREXCOM:SPX500
by jsgadgil
Nifty - Elliot WavesNifty showed some strong recovery today and seems to be headed higher. There are two possibilities - We just recover part of the fall in B and then head to 24k in C down or we make a new high till 25800 and then head down to 23800. My favored count is the latter, why? Because I expect BNF to make a new swing high. Also, why am I looking and a new low? - Bank Nifty did a 5 wave down, so at least one new low has to come in another 5 waves down till 50-51k (I am expecting a deeper cut till 45-46k - but leaving that for later) BNF counts: In any case - we are good for a run up for a few days if not weeks in the market - look for pockets of strength and participate - I like realty, defense, IT and Pharma as RR is better there. I feel auto, metals, PSU banks could be topping - I wouldn't bet on it though :) All the best!
NSE:NIFTYLong
by pankajarora232
Gold – At a Historic CrossroadGold’s price history in trading view traces back to January 1833, with the lowest price at $20.54 per ounce (Jan 1905). The yellow metal completed its first Super Cycle Wave (I) in Jan 1980, peaking at $875 — a 42x rise from its lowest value — followed by a 20-year correction ending in Aug 1999 - Super Cycle Wave (II). Since then, gold has been unfolding Super Cycle Degree Wave (III) as a 5-wave structure as given below:- Sub-wave I peaked in Mar 2008 ($1032.35) Sub-wave II completed in Oct 2008 ($681.75) ~ 38.2% retracement Sub-wave III peaked in Sep 2011 ($1920.94) ~1.6x Wave I Sub-wave IV completed in Dec 2015 ($1046.54) >61.8% retracement. Since then, sub-wave V has been unfolding. It appears that Sub-wave V is now complete as a fifth-wave extension, reaching 2x the length of sub-waves I–III, peaking at $4381.48 — 4x the Wave I high. This marks a likely completion of Super Cycle Wave (III). Fresh long positions are not advisable at current levels. Given the widespread interest, Gold may form a Flat corrective structure, potentially retesting or slightly exceeding its recent peak before the larger correction unfolds.
TVC:GOLDShort
by ChartTheWave
2
Can Fin Homes: Fifth Wave Ignites with Volume BoostAfter completing the third wave advance up to ₹817 and a corrective Wave (4) near ₹708, Can Fin Homes has broken past the prior swing high with a clean volume expansion. Wave Structure Impulse sequence from ₹615 (Wave 2) to ₹817 (Wave 3), followed by a deep yet proportional Wave 4. The current move looks like Wave (5) unfolding with minor waves 1-2-3 already visible. Price has cleared the swing barrier at ₹826 — watch for a healthy retest near ₹826–₹830 before Wave 4 of (5) and a final push higher. Momentum Check The volume spike adds conviction to the breakout, signaling genuine demand rather than a one-day pop. Targets Fibonacci projection 1.618 ≈ ₹932 marks the next logical resistance zone. Invalidation A sustained drop back below ₹817 would question the breakout and delay the fifth-wave progression. Strategy Stay bullish, but don’t chase — let price retest the breakout zone before fresh entries. 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.
NSE:CANFINHOMELong
by WaveXplorer
HDFC Bank: Expanded Flat Unfolding Near Double-Top ZoneAfter a clean five-wave advance from ₹681.80 to ₹1,018.85, HDFC Bank appears to be tracing a textbook expanded flat correction. Wave Structure Wave 4 unfolded as a triangle, setting the stage for a channeled Wave 5 that topped at ₹1,018.85. The subsequent decline to ₹940 formed Wave A, and the sharp rebound to ₹1,020 marks a classic B-wave retest of the prior high — effectively a double-top zone. Wave C could now stretch toward the 0.5–0.618 retracement cluster (₹850–₹810) — an area also highlighted by the Visible Range Volume Profile (VRVP) as the highest liquidity pocket. Volume Check & Market Tone The VRVP shows thinning participation above ₹940 and a heavy node between ₹850–₹810 — implying that the real acceptance zone lies lower. This adds weight to the bearish bias for Wave C. Fundamental Backdrop Interestingly, the company reported a 10 % rise in Q2 profit, yet the stock closed flat near ₹1,003. While the headline looked positive, reported EPS (₹6.82) missed analyst expectations (₹11.29) by a wide margin, tempering sentiment. The price action reflects that disconnect — optimism capped by underwhelming earnings quality. Summary Expanded flat unfolding near a double-top zone, with price likely gravitating toward the ₹850–₹810 confluence before any meaningful base formation. 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.
NSE:HDFCBANKShort
by WaveXplorer
L&T Technology Services: Correction Complete Near Golden Ratio?After a textbook five-wave impulse from ₹2,924 (2022 low) to ₹6,000 (2024 high), L&T Technology Services appears to have completed a proportional A–B–C correction, finding support precisely near the 0.618 retracement (₹4,099) of the entire advance. Wave Structure The advance from the 2022 low unfolded as a clean 5-wave impulse, capped by Wave 5 near ₹6,000. The subsequent decline subdivides neatly into A–B–C, with Wave C forming a perfect five-wave internal pattern. Sub-wave (v) of C bottomed around ₹3,951 — just below (iii), confirming structural completion with ideal symmetry. Fibonacci & Channel Confluence The decline halted exactly at the 0.618 retracement of the prior impulse — a zone that often attracts buying in post-impulse corrections. The downward-sloping corrective channel that’s guided Wave C is now flattening, with price repeatedly testing its upper boundary. A sustained breakout above ~₹4,300–₹4,400 would signal that the market may be transitioning into a new impulsive phase. Trade Perspective (Educational View) Scenario 1 – Bullish: A weekly close above ₹4,400 confirms breakout from the C-wave channel, opening the door toward ₹5,200 → ₹5,650 in subsequent impulsive waves. Scenario 2 – Extended Correction: Failure to clear the channel and a close below ₹3,950 would extend the correction toward deeper retracements near ₹3,600 or even ₹3,400. Summary L&T Technology Services has now checked every box of a mature corrective phase — Fibonacci alignment, structural symmetry, and wave alternation. A breakout above the declining channel would be the first real hint that the larger uptrend is ready to resume. Until then, patience beats prediction. 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.
NSE:LTTS
by WaveXplorer
NASDAQ - Possible moves [Wave Theory]I'm not an expert of wave theory but I have an inclination towards it. Wave theory is nothing short of brilliance! NASDAQ seem to have completed its 5 waves and now following the ABC retracement wave. NASDAQ:NDX should now move to its B wave and show some bounce. It should be followed by further downwards retracement during C wave. Trigger for C wave my be the FOMC meeting in Sept. Let's see. Disclaimer: I'm sharing my analysis. Wave theory is not my strong forte. Do your own research & analysis before taking any action.
NASDAQ:NDX
by anuragcoma15