AARVI LONGThe Elliott Wave analysis indicates that the stock has finished waves (i) and is nearing the end of waves (ii), which are shown by blue numbers on the weekly chart.
Wave (i), also known as the impulse wave, unfolded into five waves, which are illustrated in red.
Wave (ii), also known as the corrective wave, unfolded in an a-b-c pattern, as indicated in red.
Wave c of wave (ii) is unfolding in five waves, as illustrated in the black circle. It appears that wave 5 in the black circle is still unfolding.
Unfolding of wave c is shown in below chart image
It is a buying opportunity on the downturn (dip).
Check the divergence with RSI in 1 hr chart, price will make lower low and RSI will make higher high.
Wave (3) will begin following the completion of wave (ii).
Wave (3) is expected to have around five subdivisions, which are highlighted in red.
Wave levels are depicted on the chart.
Level of Invalidation
The invalidation level of 24.7 has been identified as the starting point for wave (i). If the price falls below this level, it means that the projected Elliott Wave pattern is not as it appears.
I'm not a registered Sebi analyst. My research is done solely for academic purposes.
Please consult your financial advisor before trading or investing. I bear no responsibility for your profits or losses.
Regards, VJ.
