Container Corporation of India, Elliott Wave Analysis Daily time
In this analysis, we'll be taking a look at the CONCOR chart, which has recently completed its five major wave impulsive move, with each impulsive move having lower degree impulses marked as (i)-(v), and corresponding corrective waves marked as abc/xyz.
To begin with, let's first understand what an impulsive move is. An impulsive move is a five-wave pattern that indicates a strong directional move in the price of an asset. Each of these five waves, labeled as (1)-(5), can themselves be broken down into smaller degree waves labeled as (i)-(v). These smaller degree waves represent the smaller swings within each of the larger degree waves.
In the case of the CONCOR chart, we have completed the five-wave impulsive move to the upside. After the completion of the fifth wave, the stock began a corrective move to the downside, marked as the A wave. The corrective move consists of three waves labeled as abc/xyz.
Currently, we have completed the 5 waves of the wave A downside. This wave is itself a five-wave pattern, consisting of smaller degree waves labeled as (i)-(v). The A wave looks completed as the 5 wave inside it are marked.
It's worth noting that corrective moves are generally slower and more complex than impulsive moves, which can make them more difficult to predict. However, by analyzing the smaller degree waves within the corrective move, we can gain insight into the overall direction of the price action.
In conclusion, the CONCOR chart has completed its five-wave impulsive move to the upside, and is currently in the process of completing the corrective B wave to the upside. We are currently in the (a) wave of the B wave corrective move, which does not seems to have completed its 5 waves. Hoping this pullback might take it to the 659 level and then we will move of (b) of B.
for the time this chart may help you understand the current scenario in the stock.
Pls like and follow me if you like the analysis.
Regards
To begin with, let's first understand what an impulsive move is. An impulsive move is a five-wave pattern that indicates a strong directional move in the price of an asset. Each of these five waves, labeled as (1)-(5), can themselves be broken down into smaller degree waves labeled as (i)-(v). These smaller degree waves represent the smaller swings within each of the larger degree waves.
In the case of the CONCOR chart, we have completed the five-wave impulsive move to the upside. After the completion of the fifth wave, the stock began a corrective move to the downside, marked as the A wave. The corrective move consists of three waves labeled as abc/xyz.
Currently, we have completed the 5 waves of the wave A downside. This wave is itself a five-wave pattern, consisting of smaller degree waves labeled as (i)-(v). The A wave looks completed as the 5 wave inside it are marked.
It's worth noting that corrective moves are generally slower and more complex than impulsive moves, which can make them more difficult to predict. However, by analyzing the smaller degree waves within the corrective move, we can gain insight into the overall direction of the price action.
In conclusion, the CONCOR chart has completed its five-wave impulsive move to the upside, and is currently in the process of completing the corrective B wave to the upside. We are currently in the (a) wave of the B wave corrective move, which does not seems to have completed its 5 waves. Hoping this pullback might take it to the 659 level and then we will move of (b) of B.
for the time this chart may help you understand the current scenario in the stock.
Pls like and follow me if you like the analysis.
Regards