EASEMYTRIP LONGElliott Wave analysis shows the price pattern and the stock has completed waves (i), and (ii) in black circle. Currently, the stock is undergoing in impulse wave (iii) in black circle in a daily time frame.
Wave (iii) in black circle will go in five sub waves in blue colour.
Wave (i) in blue color will unfold in five sub-waves shown in red colour on the chart.
wave i and ii in red colour is completed and started for wave iii (red colour).
Wave levels of wave iii are shown on the chart.
A double bottom pattern is formed on the chart. (The double Bottom
pattern is a bullish reversal pattern).
A falling wedge pattern is also forming on the chart. (A falling wedge patternis a bullish reversal pattern
Level of Invalidation
The starting point of Wave (i) has been identified as the invalidation level at 10.80. Because as per wave rules Wave (ii) cannot retrace more than 100% of Wave (i). If the price falls below this level, it can indicate that the expected Elliott Wave pattern is not as it seems.
I am not a registered Sebi analyst. My research is being done only for academic interests.
Please speak with your financial advisor before trading or making any investments. I take no responsibility whatsoever for your gains or losses.
Regards
Dr Vineet
