AXIS BANK | Swing Long Setup 📌 AXIS BANK – Wave 2 Completion & Potential Bullish Wave 3 Ahead 🚀
Axis Bank appears to have completed its corrective Wave 2 and may now be gearing up for the next impulsive rally — Wave 3, which is often the strongest in Elliott Wave theory.
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🧩 Elliott Wave Structure
Wave 1: Strong rally from the lows earlier in 2025, showing clear bullish intent.
Wave 2: Completed as a complex W–X–Y correction , ending around the 50% Fibonacci retracement zone (₹1,079), which is a common reversal area in Elliott Wave patterns.
The substructure inside Wave 2 (marked as a–b–c, w–x–y) shows corrective nature, indicating that the broader uptrend remains intact.
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📈 Current Outlook & Key Levels
Current Price**: ₹1,073 (hovering near 50% retracement level).
Support Zones:
₹1,051 (38.2% Fib) – minor support.
₹1,005 (23.6% Fib) – strong support and Wave 2 invalidation watch.
Immediate Resistance: ₹1,128 (61.8% Fib).
Breakout Trigger : A sustained close above ₹1,182 will confirm strength and open the path for higher targets.
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🎯 Upside Targets (Based on Fib Extensions of Wave 1)
Target 1: ₹1,238 (100% projection).
Target 2: ₹1,321 (127.2% extension) – strong Wave 3 projection zone.
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🔍 Indicators & Market Context
✅ Price has respected the 50% Fibonacci retracement, showing early signs of buyers stepping in.
✅ Moving averages are starting to flatten, and a bullish crossover could be on the way once price pushes above ₹1,128.
✅ Volume remains moderate; a spike in buying volume on breakout would add confidence to the bullish scenario.
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⚠️ Risk Management
> If price drops below ₹1,005 (Wave 2 low), the bullish Elliott count would be invalidated, and deeper correction may follow. In such a case, it's better to step aside and wait for a fresh setup.
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📝 Summary
> Axis Bank seems to have finished its Wave 2 correction and is preparing for a possible Wave 3 rally. A breakout above ₹1,182 could start the next bullish leg towards ₹1,238 and ₹1,321. Until then, watch the key supports at ₹1,051 and ₹1,005.
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**Disclaimer:**
This analysis is for educational purposes only and is not financial advice. Please consult a SEBI-registered financial advisor before making any investment decisions.
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