Hey Guys, Today, I would like to share some insights regarding Infosys' recent stock performance. Despite prevailing bearish sentiments since February 6, 2024, Infosys has surprised many community analysts, causing some predictions to falter.
Upon conducting an in-depth analysis, it became apparent that the stock has been undergoing a correction characterized by an irregular flat pattern. This pattern has created several challenges for traders, often resulting in unexpected outcomes and trapping many individuals in their positions. Allow me to elucidate the bearish sequence:
1. The first leg of the flat pattern, comprising three waves (abc), concluded on February 14, 2024, with a price level of Rs. 1635.50. 2. Subsequently, the second leg of the flat pattern, also consisting of three waves (abc), concluded on February 19, 2024, with a price level of Rs. 1711.50. 3. Following the completion of the second leg, the stock experienced a downward impulsive movement, culminating in a five-wave structure.
It's noteworthy that this irregular flat pattern is characterized by a subdivision of 3-3-5, exceeding the expectations of many traders and leading to lingering positions or exits triggered by stop losses.
Based on this analysis, there's a possibility that Infosys might reach a new high. Conservatively, we could anticipate a retracement of at least 61.8%. However, we remain optimistic about the potential for even higher levels beyond that threshold.
Thank you for your attention to this analysis. Don't forget to like, share, and subscribe for more updates.
Disclaimer: The above analysis is based on personal observations and research, and it should not be considered as financial advice. Always conduct thorough research or consult with a qualified financial advisor before making any investment decisions.
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market might turn up
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Finger Crossed..!
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came back as expected...! 1520 should sustain...then a short covering may be on cards...! highly shorted stock in nifty.
you are short term bearish on KPIT but bullish on Infosys. you are bullish for Infosys short term or long term? I am waiting for more elliot wave videos for long term investments. like 5 years. can you also revisit ttk prestige?
if more intertingly if we are finding a bearish structure completion then we can assume we will make a new high.
imkhushal
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I have mentioned in the summary that we can approach 61.8 like in kpit and may start a new move down side, but if we go beyond 61.8 we will be no more bearish and will wait for further confirmations. thanks for raising your concern.