ESAFSFB LONGElliott Wave analysis shows that the stock has completed waves a, b, and c as a correction since its initial public offering. Currently, the stock is undergoing an impulse wave.
The stock is currently in wave (ii) and retraced 61.8% of wave (i) shows a blue color.
Wave (iii) is about to start.
RSI is above 40 i.e. is a bullish sign
Stochastic also showed a bullish crossover.
It is anticipated that wave (iii) will have about five subdivisions shown in red colour.
Wave levels are shown on the chart.
Falling wedge formation on the chart. (The falling wedge is a bullish reversal pattern)
On the downturn (dip), there is a probability of making a buy.
Level of Invalidation
The starting point of Wave (i) has been identified as the invalidation level at 49. 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
VJ
