This chart displays the analysis of Indian Telephone Industries Key Observations
Current Price and Trend:
The stock is trading at ₹390, showing a decline of 3.91% for the day.
A pullback is observed from the peak of wave (3), currently consolidating in wave (4).
Elliott Wave Analysis:
The impulse structure indicates that wave (5) is yet to unfold.
Key Fibonacci levels are highlighted:
Wave (5) targets are projected around ₹684.95 (1.0 Fibonacci) and ₹868.95 (1.618 Fibonacci).
Support Levels:
Strong support zones are identified at ₹387.20 (0.537 retracement) and ₹287.
Resistance Levels:
Resistance is noted at ₹406.35, which coincides with the previous breakout level.
Volume Analysis:
Increasing volume during upward moves suggests strong buying interest.
Declining volume during pullbacks is a healthy sign of consolidation.
Buy/Sell Zones:
Historical buy and sell signals are marked, showing the effectiveness of prior price action strategy.
Projected Path:
The chart outlines two potential scenarios for wave (5):
A conservative rally towards ₹684.95.
An extended rally to ₹868.95.
Post Recommendation
Title: ITI Limited Elliott Wave Analysis: Is Wave (5) the Next Big Move?
Content:
Indian Telephone Industries Limited is currently consolidating in wave (4) after a strong rally in wave (3).
The stock has critical support at ₹387.20 and ₹287, which could provide a base for the next upward move.
Projected targets for wave (5) are:
Primary: ₹684.95
Extended: ₹868.95
Traders may look for a breakout above ₹406.35 for confirmation of wave (5)'s onset.
Maintain caution, as a breach below ₹387.20 could invalidate the wave (5) structure.
Volume trends and Fibonacci levels align with the bullish setup.
