LTM Looks Interesting || 4,784 is The Key Level To Watch ||A Classic Elliott Wave Reversal Setup. 🌊
LTM has once again bounced from a strong multi-year demand zone, the same level that has repeatedly attracted aggressive buying in the past. From an Elliott Wave perspective, the ongoing correction appears to be approaching completion, making this an interesting chart to monitor.
🔍 Elliott Wave Perspective
The chart suggests that LTM has completed a Double Three (W-X-Y) corrective pattern.
Wave (W): First corrective decline into the major support zone.
Wave X: Recovery rally before the next corrective phase.
Wave (Y): Final corrective leg, once again ending at the same historical demand area.
The repeated defense of this support increases the probability that the larger correction may be complete.
📌 Strong Historical Demand Zone
One of the strongest observations on this chart is how consistently buyers have defended the same support.
✅ Major reversal in 2022.
✅ Another strong reversal during 2025.
✅ Current price has once again reacted positively from the same demand zone.
When price repeatedly respects the same level over several years, that area becomes technically very significant.
✅ First Bullish Confirmation
Although the support looks promising, confirmation is still required.
The first bullish signal will be a decisive breakout above ₹4,784.
Until then, this remains a recovery attempt rather than a confirmed uptrend.
Once this level is reclaimed, market structure begins to shift in favor of the bulls.
🎯 Potential Upside Roadmap
If ₹4,784 is successfully reclaimed and sustained, the next important levels become:
₹6,400 Zone: Previous swing resistance where sellers have repeatedly entered the market.
₹7,300–₹7,600 Supply Zone: A major long-term resistance area that has rejected price multiple times in the past.
This upper zone is likely to witness profit booking and could become a strong obstacle before any larger breakout.
❌ Invalidation
After a confirmed breakout above ₹4,784, the bullish Elliott Wave count remains valid as long as price holds above ₹3,528.
A sustained move below this level would invalidate the current bullish scenario and require a fresh wave count.
📈 Trading Plan
Bullish Confirmation: Above ₹4,784
Invalidation: Below ₹3,528 (after confirmation)
Resistance 1: Around ₹6,400
Resistance 2: ₹7,300–₹7,600
The chart is currently at an attractive location from a risk-reward perspective. However, support alone is not enough—confirmation is essential. Let the market prove its strength before expecting a sustained rally.
Warning ⚠
This analysis is for educational purposes only and represents an Elliott Wave interpretation, not financial advice.
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Long