On the weekly chart, Wipro looks like it formed a rounded base near 176. This acts like the “cup” part of a possible cup-and-handle structure.
The drop from 324.60 has formed a declining neckline, with price currently moving inside a falling channel that resembles a handle-like structure.
Current Structure
The 100% extension of (A) from (B) comes exactly near 176 — which is also the cup base. This makes 176 a key reaction zone.
What to Watch
If price shows a strong bullish reversal near 176, we may see a technical bounce.
However, if 176 breaks decisively, then deeper levels like 150 or even 116 cannot be ruled out.
For now, any bounce may be treated as a selling opportunity unless clear trend reversal signals appear.
Structure confirmation is still pending.
Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please do your own research (DYOR) before making any trading decisions.
The drop from 324.60 has formed a declining neckline, with price currently moving inside a falling channel that resembles a handle-like structure.
Current Structure
- (A) formed at 228
- (B) formed at 273.10
- (C) is now projecting near 176
The 100% extension of (A) from (B) comes exactly near 176 — which is also the cup base. This makes 176 a key reaction zone.
What to Watch
- 176 is the crucial support
- RSI is nearing oversold on weekly
- No confirmed bullish reversal pattern yet
- Price still inside a falling channel
If price shows a strong bullish reversal near 176, we may see a technical bounce.
However, if 176 breaks decisively, then deeper levels like 150 or even 116 cannot be ruled out.
For now, any bounce may be treated as a selling opportunity unless clear trend reversal signals appear.
Structure confirmation is still pending.
Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please do your own research (DYOR) before making any trading decisions.
WaveXplorer | Elliott Wave insights
📊 X profile: @veerappa89
📊 X profile: @veerappa89
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
WaveXplorer | Elliott Wave insights
📊 X profile: @veerappa89
📊 X profile: @veerappa89
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.