Arihant Capital Markets Ltd: Riding the 5th Wave Impulse
Daily Time Frame:
Elliott Wave Analysis: Arihant Capital Markets appears to be in an impulse move on the daily time frame, with completion of wave 4 as a correction.
Current Stage: Unfolding wave 5, with (i) and (ii) completed and a potential unfolding of wave (iii).
Price Targets: Anticipating levels of 96 and 104 plus.
Invalidation Level: A strict invalidation set below 63. Current Price Trading near 76.
Technical Indicators:
Breakout Confirmation: Price has given a breakout on the daily time frame with significant volumes.
Indicator Alignment: Major indicators like MACD, RSI, RK's Magic, RK's Brahmastra, etc., are aligning positively, supporting the bullish bias.
Snapshots: Attached snapshots of the indicators for reference.
Elliott Wave Concept - 5th Wave Impulse: The 5th wave in Elliott Wave theory is often an impulse wave that signifies the final leg of a trend. Impulse waves are characterized by strong, directional price movements. Wave (iii) within wave 5 is typically the most powerful and extends higher, often exceeding the peaks of wave (i).
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Breakout with good intensity of Volumes on Daily and Hourly time frames
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