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Zentechnology

ZENTEC: Wave 4 Correction Complete – Ready for the Next wave?ZEN TECHNOLOGIES LTD (NSE: ZENTEC) – Daily Chart Analysis 🚀 Elliott Wave Structure | Fibonacci Retracement | Swing Targets 1. Why This Setup? 🤔 ZEN Technologies is showing a classic Elliott Wave structure, and the recent price action suggests a high-probability bullish reversal. Here’s why: Wave 4 Correction Completed: The stock has retraced between the 38.2% (₹1,899) and 61.8% (₹1,671) Fibonacci levels of Wave 3, which is a textbook correction zone for Wave 4. ABC Pattern: The correction unfolded as an ABC pattern, with the (C) leg finding support in the golden fib zone. Change of Character (CHoCH): Multiple CHoCH points on the chart indicate a shift from bearish to bullish sentiment, suggesting that sellers are exhausted and buyers are stepping in. 🟢 2. Key Levels & Trade Plan 📊 Current Price: ₹1,880 Support Zone: ₹1,899–₹1,671 (38.2%–61.8% retracement of Wave 3) 🟢 First Swing Target Zone: ₹2,487–₹2,658 🟢 Second Target Zone: ₹2,849–₹3,085 (113%–127% extension of last major swing) 🟢 Why these targets? The first target zone aligns with the projected completion of Wave 5, based on previous impulse waves. The second target zone is calculated using the 113%–127% Fibonacci extension of the last major swing, a common area for extended moves in strong trends. 3. Risk Management 🛡️ Entry: Accumulate near current levels or on dips into the support zone. 🟢 Stop Loss: Daily close below ₹1,670 (61.8% retracement) to protect capital. 🔴 Targets: 1️⃣ First Target: ₹2,487–₹2,658 🟢 2️⃣ Second Target: ₹2,849–₹3,085 🟢 4. Technical Summary & Cautions 🟠 The completion of Wave 4 correction sets the stage for a potential Wave 5 rally . Bullish momentum is likely to pick up above ₹1,900, with strong upside potential towards the target zones. Caution: If price closes below ₹1,670 on a daily basis, the bullish setup is invalidated and further downside is possible. 🟠 Watch for confirmation candles and volume spikes for added conviction! 📈 Conclusion: ZEN Technologies is offering a high-probability swing setup after a healthy correction. The risk/reward is attractive for positional traders, provided stops are respected. The technicals suggest a new uptrend could be starting, with clear targets and a logical stop loss. 🟢 Like & Follow for more setups! 👍✨ #ZENTEC #ElliottWave #SwingTrade #TechnicalAnalysis #TradingView #Stocks #NSE #Fibonacci #Breakout #StockMarket 🚀
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by LiveTradingBox