#Elliott #Wave #Analysis of #Relaxo Industries Ltd.:
I hope this message finds you well. I would like to share with you a technical analysis of Relaxo Industries, shedding light on recent market movements and potential future trends. Please note that I am not a SEBI registered analyst, and it is advisable to consult with a certified financial professional for any investment decisions.
Analysis of Relaxo Industries:
Relaxo Industries reached its all-time high (ATH) at Rs. 1440.45 in November 2021, completing its minor degree wave 1. Subsequently, the price has been retracing for its wave 2 correction, finding support near the 50% retracement zone. This retracement appears to be a valid move for wave 2, and current counts suggest that wave 2 has completed.
Furthermore, the analysis indicates that we have concluded wave (i) of minute degree and are presently in wave 2 of minute degree within the minor degree wave 3. This suggests a potential continuation of the bullish trend.
It is essential to monitor the price action closely, as this analysis will be invalidated if the price drops below the Rs. 750 level. Caution and diligence are always paramount in the dynamic landscape of the stock market.
Please remember that this analysis is based on technical indicators and patterns, and there are inherent risks associated with trading and investing. The future performance of Relaxo Industries may vary, and it's crucial to stay informed and seek advice from qualified financial professionals.
I hope this message finds you well. I would like to share with you a technical analysis of Relaxo Industries, shedding light on recent market movements and potential future trends. Please note that I am not a SEBI registered analyst, and it is advisable to consult with a certified financial professional for any investment decisions.
Analysis of Relaxo Industries:
Relaxo Industries reached its all-time high (ATH) at Rs. 1440.45 in November 2021, completing its minor degree wave 1. Subsequently, the price has been retracing for its wave 2 correction, finding support near the 50% retracement zone. This retracement appears to be a valid move for wave 2, and current counts suggest that wave 2 has completed.
Furthermore, the analysis indicates that we have concluded wave (i) of minute degree and are presently in wave 2 of minute degree within the minor degree wave 3. This suggests a potential continuation of the bullish trend.
It is essential to monitor the price action closely, as this analysis will be invalidated if the price drops below the Rs. 750 level. Caution and diligence are always paramount in the dynamic landscape of the stock market.
Please remember that this analysis is based on technical indicators and patterns, and there are inherent risks associated with trading and investing. The future performance of Relaxo Industries may vary, and it's crucial to stay informed and seek advice from qualified financial professionals.