Balaji Amines Ltd. Elliott Wave Analysis - Weekly Logarithmic

Balaji Amines Ltd. Elliott Wave Analysis - Weekly Logarithmic Chart

The analysis is based on a weekly time frame using a logarithmic chart for Balaji Amines Ltd. The Elliott Wave count reveals a fascinating pattern that can provide insights into potential future price movements. However, it's essential to remember that all trading involves risk, and past performance does not guarantee future results. Always conduct thorough research and consider the inherent uncertainties in financial markets.

Wave Count:

Wave 1 (Nov 2010):
The first wave appears to have completed in November 2010, closing at 57.85. This initial bullish move signaled the beginning of an upward trend.

Wave 2 ABC Correction (Aug 2013):
A corrective ABC pattern followed, completing in August 2013 with a low of 28.05. This retracement set the stage for the next bullish wave.

Wave 3 (Jan 2018):
Wave 3 unfolded with remarkable strength, reaching its peak in January 2018 at a high price of 782. This phase demonstrated the powerful momentum characteristic of third waves.

Target for Wave (3):
The projected target for Wave 3 is at 10267, based on traditional Elliott Wave analysis, indicating the potential magnitude of the bullish move.

Wave 4 ABC Correction (Mar 2020):
The onset of the COVID-19 crash marked the completion of an ABC correction for wave 4, concluding in March 2020 with a low of 200. The market's response to the pandemic created a significant correction.

Wave 5 (Sep 2021):
Wave 5, the final wave of smaller degree, reached its zenith in September 2021, with the stock achieving a high of 5223.55. This completed the five waves of minor degree, establishing a primary degree (1) in September 2021.

Current Scenario:

Post the completion of Wave 5, the stock transitioned into a bearish phase, undergoing an ABC correction near 1880 with a retracement exceeding 61.8%. This correction suggests a significant pullback, indicating a potential change in the overall trend.

Invalidation Level:
The bullish scenario would be invalidated if the stock price falls below the critical level of 1880, signaling potential weakness in the overall Elliott Wave structure.

This Elliott Wave analysis is speculative and based on historical price movements. Market dynamics can change, and unforeseen events may impact stock prices. It's crucial for investors to conduct their own research, consider multiple factors, and, if necessary, consult with financial professionals before making any investment decisions. Trading and investing always involve risks, and past performance is not indicative of future results.


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