Get started

Elliotwaveanalysis

Wave 3 Dynamics: Understanding the Most Powerful WaveHello Friends, Welcome to RK_Chaarts, For Learning and Practicing chart Analyzing, Today we are trying to Analyse the State Bank of India (SBIN) chart from an Elliott Wave perspective, we can see that the intermediate-degree Wave (3) completed at the June 2024 high. This was followed by a complex correction that ended at the March 2025 low, marking the completion of Wave (4). We are currently unfolding Wave (5), which will complete the higher-degree Wave ((3)) of Primary degree in black. Within Wave (5), we have five minor-degree subdivisions, which we can see unfolding. The first minor-degree Wave 1 completed at the 22nd April 2025 high, followed by a Wave 2 correction that ended at the May 9, 2025 low. We are currently in Wave 3, which is a dynamic wave with strong momentum. Within Wave 3, we have five minute-degree subdivisions, which are unfolding. The first two subdivisions are complete, and we are currently in the third subdivision. The characteristics of Wave ((iii)) of 3 are evident in the price action, with a strong breakout above the resistance trend line and good intensity of volumes. The Moving Convergence Divergence (MACD) is also positive, and the Relative Strength Index (RSI) is above 60, indicating strong momentum. The daily Exponential moving averages (50 and 200) are also aligned in favor of the trend. All these parameters support our view, and we can see an inverted head-and-shoulders pattern or a double rounding bottom pattern unfolding. Overall, the breakout looks promising, and we can expect further upside in SBIN as per Elliott wave theory. Detailed wave counts on chart Primary Characteristics: 1. Strong Momentum: Wave 3 is characterized by strong momentum, often leading to a rapid price movement. 2. Impulsive Price Action: Wave 3 is typically marked by impulsive price action, with prices moving quickly in one direction. 3. Increased Volatility: Wave 3 is often accompanied by increased volatility, with prices fluctuating rapidly. 4. Breakout above Resistance: Wave 3 often begins with a breakout above resistance, leading to a rapid price movement. Secondary Characteristics: 1. Longest Wave: Wave 3 is often the longest wave in an impulse sequence. 2. Most Dynamic Wave: Wave 3 is typically the most dynamic wave, with the strongest momentum and largest price movement. 3. Highest Volume: Wave 3 often occurs with the highest volume, indicating strong market participation. 4. Fewest Corrections: Wave 3 typically has the fewest corrections, with prices moving rapidly in one direction. Behavioral Characteristics: 1. Market Participants become Aggressive: During Wave 3, market participants become more aggressive, leading to increased buying or selling pressure. 2. Emotional Decision-Making: Wave 3 can lead to emotional decision-making, with market participants making impulsive decisions based on fear or greed. 3. Market Sentiment becomes Extreme: During Wave 3, market sentiment can become extreme, with market participants becoming overly bullish or bearish. Keep in mind that these characteristics are not always present, and Wave 3 can exhibit different traits depending on the market context. Here are some snapshots shared below to understand the concept & example Largest wave among wave 1-3-5 Strong Momentum like 90 degree move, Vertical move, Rapid move & Dynamic move Breakout with good volumes Price trading above 50, 100 & 200 Day Exponential Moving Average RSI Breakout on Daily RSI Breakout on Weekly MACD weekly MACD Daily Pattern Repeating I am not Sebi registered analyst. My studies are for educational purpose only. Please Consult your financial advisor before trading or investing. I am not responsible for any kinds of your profits and your losses. Most investors treat trading as a hobby because they have a full-time job doing something else. However, If you treat trading like a business, it will pay you like a business. If you treat like a hobby, hobbies don't pay, they cost you...! Hope this post is helpful to community Thanks RK💕 Disclaimer and Risk Warning. The analysis and discussion provided on in.tradingview.com is intended for educational purposes only and should not be relied upon for trading decisions. RK_Chaarts is not an investment adviser and the information provided here should not be taken as professional investment advice. Before buying or selling any investments, securities, or precious metals, it is recommended that you conduct your own due diligence. RK_Chaarts does not share in your profits and will not take responsibility for any losses you may incur. So Please Consult your financial advisor before trading or investing.
NSE:SBINEducation
by RK_Chaarts
6
LiamTrading – XAUUSD Market points to Wave 4LiamTrading – XAUUSD Outlook Sharing my personal view on the next potential move for gold. From the current chart structure, the wave pattern suggests XAUUSD is likely in Wave 4. The correction began yesterday after price touched the 3,700 round number – a key resistance area that also aligns with the 1.618 Fibonacci extension. This zone typically attracts significant liquidity, and the subsequent pullback adds weight to the view that Wave 4 has been triggered. At present, the main support level to monitor is 3,675. A break below this level could see the corrective move complete around 3,656. On the H1 timeframe, RSI has dropped below 30, indicating oversold conditions. In my opinion, while the market trades in this area, short positions remain favourable, though patience is required until clearer confluence signals emerge. Trading plan (short-term focus): Sell 3685–3687, SL 3693, TP 3670 – 3656 Buy 3656–3654, SL 3648, TP 3675 – 3690 – 3702 – 3721 – 3740 I’ll continue to share further updates if price action shows significant changes. Wishing everyone good trading and success in the markets.
OANDA:XAUUSDShort
by LiamTradingFX
Hellena | EUR/USD (4H): LONG to the resistance area 1.18500.Dear colleagues, the upward movement is not over yet and I think wave “3” is not over yet. At this stage, I believe that the correction has already taken place or will soon end in the support area of 1.16573, then I expect the upward movement to continue to the resistance area of 1.18500. This is a pretty strong area, as this is where the high of the big wave “3” (Red) is located. Manage your capital correctly and competently! Only enter trades based on reliable patterns!
Long
by Hellena_Trade
23
AUDUSD Gains Momentum Ahead of Fed DecisionDollar has been weakening, in particular since August 22nd when Powell spoke at Jackson Hole, acknowledged rising inflation risks, and more importantly, weakening labor data. Back then he signaled that the Fed could adjust rates with a 25 or possibly even a 50 basis point cut this Wednesday. Looking at FX pairs, what stands out to me is that we are clearly in risk-on mode, with commodity currencies doing very well since late August. Aussie is up almost 4% from the August 22nd lows, while other majors are lagging behind that performance. So it may not be a bad idea to focus on Aussie for potential longs versus the US dollar, especially considering inflation in Australia increased on a yearly basis from 1.9% in June to 2.8% in July, as reported on August 27th. This shows inflation is still a problem in Australia, so the RBA may not be looking to cut rates, which makes AUDUSD attractive on the upside. From an Elliott Wave perspective, I also like the impulsive characteristics on Aussie from the August 22nd close. In my view, we are still in an incomplete five-wave cycle, with the recent push beyond the July highs being wave three. After the next pullback in wave four, there could be a strong rebound, with the 0.6625 level standing out as attractive support on dips. I’ll certainly keep a close eye on this zone if a retracement occurs. It’s also worth noting that Aussie is now trying to break the trendline from the 2021 highs, which could be an interesting breakout point and support the recovery, at least until the five-wave cycle completes on the 8-hour chart. Grega
Long
by ew-forecast
2
1D chart | XRP/USDT – Bigger 5th Wave in Play: or WXYXZ?I’m tracking the development of the larger 5th wave for OKX:XRPUSDT , which currently has a target range between 4.0600 and 5.4003 . My main scenario is a standard 5-wave impulse. In this case, wave 3 should extend toward 4.2766 , with the full 5th wave likely pushing deeper into the broader target zone. The alternative scenario is a complex W–X–Y–X–Z correction. This would imply a minimum target of 3.6618 , but more realistically it should go within the 4.4348–4.9888 zone before the structure completes. For now, I lean toward the impulsive count, but I’ll be watching price behaviour near these key levels for confirmation. 💬 Which scenario do you think is more likely to play out?
Long
by itsquintn
HTF Elliott Wave Count on HBAR! Super Bullish!!Here is the macro bullish outlook on HBAR using the Elliott Wave Theory. Currently we are making progress to the upside to complete the grey wave 5 to finish the leading diagonal in white. Next expect a retracement between .21 (extreme of wave 4) - .18 (.618 of diagonal), it could retrace deeper as is common with a wave 2, although the extreme bullish nature of this impulsive structure makes me think it could be a shallow retracement (38.2% - 50%) before blasting off on everyone looking for their entry to be hit. Exciting times ahead for HBAR i believe. Happy Trading
COINBASE:HBARUSDLong
by Fractical
The dance between the USDZAR and (ZA10Y - US10Y)The chart shows the relationship between the USDZAR and the yield differential between the SA 10-year and the US 10-year (ZA10Y – US10Y). 2025 has been a wild ride for the rand and it has managed to put up a remarkable recovery in the 2Q2025 but where to now for the pair? The pair has not traded below the 200-week MA currently at 17.62, since the March 2022 just before the global rate hiking cycle. The only previous times the pair traded below this moving average was briefly in 2021 before the June/July riots in SA and during the “Ramaphoria” period in 2018. The 200-week MA also coincides with the 38.2% Fibo retracement from the low in 2021. A brief break below these two support levels will allow the pair to fall onto the 50% Fibo retracement level at 16.62. The yield differential is however suggesting that the rand may not have much room to pull the pair too far below the 200-week MA. The brief break below the 5.00% during December 2024 and January 2025 was a bit of an anomaly given the volatility in the US bond market and I still believe 5.00% is a hard support for the yield differential. A bottom out of the yield differential could see it rise higher towards 7.50% which will be rand negative should the positive correlation hold. To summarise, the yield differential is suggesting that the rand’s 2Q2025 recovery may be on its last legs but a break below the 200-week MA will allow the rand to pull the pair towards 16.50. I don't see the rand maintaining levels below 16.50 and this level seems like a long-term floor for the pair before another 5-wave impulse to the topside. Historical trend analysis: The SA rand is one of the most attractive emerging market currencies due to the carry trade appeal of the currency coupled with SA’s deep and liquid bond market. During periods when there is significant buying pressure on SA bonds, the SA yields will decrease meaning that the yield differential (ZA10Y-US10Y) decreases while in periods when SA bonds are selling off, yields on SA bonds will increase which increases the yield differential, citrus paribus. The USDZAR pair is thus positively correlated with this yield differential. The chart goes back to 2018 when the USDZAR hit a low of 11.50 following the period dubbed the “Ramaphoria” period. Investor sentiment swinged aggressively positive in this period and the flow of international funds into the SA bond market saw the yield differential drop to a low around 5.00%. The yeld differential has never dropped below this level until early 2025 as indicated on the chart. The yield differential and the USDZAR pair moved in tandem all the way through to the 1Q2022, maintaining its strong positive correlation. The next period marked the start of the global hiking cycle which saw the US 10-year yield rise from a low of 1.65% in March 2022 to a high of 5.00% in October 2023. This aggressive rise in US 10-year yields marked a period of extensive risk off sentiment and even caused a US banking crises in March 2023. The Fed stepped in and briefly paused their QT to add liquidity to system and provided the US banking system with the bank term funding program to patch up the cracks. The rand sold off due to risk off investor sentiment while the US 10-year yield rose due to the start of the rate hiking cycle which reduced the yield differential. The USDZAR climbed to a high of 19.90 in May 2023 while the yield differential dropped to a low of 7.50%. The yield differential continued to fall until the US 10-year yield topped out at 5.00% in October 2023, after which the positive correlation between the USDZAR and the yield differential was restored. The next period marked positive sentiment towards SA following the election results and the formation on the government on national unity (GNU). Coupled with the end to the rate hiking cycle, the rand had the wind and risk on investor sentiment in its sails which allowed the rand to pull the pair to a low of 17.03. The optimism of the GNU and the realisation on another Trump presidency however saw the pair bottom out in September 2024. During the last quarter of 2024 the rand experienced sustained selling pressure while the yield differential continued to fall. The break in correlation was largely due to the US10-year yield climbing from 3.60% in September 2024 to a high of 4.80% in January 2025.
by Goose96
5
ADA/USDT – 5th Wave Breakout or Extended 4th Wave?KUCOIN:ADAUSDT might have completed its 4th wave of the larger 5 wave structure, but confirmation depends on breaking out of the current channel. The daily RSI is nearing overbought, so there’s still a chance for a minor dip before continuation. Current upside target sits between 1.085 -1.20 USDT , aligning with the larger channel and forming a higher high. If this plays out, it likely completes a first wave of a bigger five-wave structure, followed by a cooldown.
Long
by itsquintn
2
Hellena | SPX500 (4H): LONG to resistance area of 6600.Colleagues, the main idea is still the upward movement in the impulse of the middle wave “5”. Wave “4” is likely to take place, because the bulls need to gain strength to update the local maximum of 6512. The most important thing here is that the target of 6600 is a round number, which is quite attractive for buyers and limit sellers. Manage your capital correctly and competently! Only enter trades based on reliable patterns!
OANDA:SPX500USDLong
by Hellena_Trade
17
XAUUSD – Latest Trend UpdateXAUUSD – Latest Trend Update Good day Traders, Gold has so far unfolded in line with yesterday’s projection: following a corrective pullback towards 3660, price has resumed its decline and is currently maintaining a bearish tone. Should this structure be confirmed on the higher timeframes such as H1 and H4, it may indicate that a broader corrective phase on the daily chart (D1) is underway. Key Levels of Interest 3620: Established as an important support yesterday, this level is now regarded as the key marker for confirming continued downside momentum. 3630: Coincides with the lower boundary of the ascending channel, where a reaction could still develop before direction becomes clearer. Medium-Term Outlook A decline towards 3550 is anticipated, from which a rebound could follow – this represents the preferred medium-term scenario. A deeper retracement to 3510 is also possible, where liquidity from previous candle wicks may be absorbed before the longer-term uptrend resumes on the daily timeframe. This expectation of a corrective move is supported by the fact that price has already reached the Fibonacci Extension 2.618, often a sign of exhaustion in the prior leg. Trading Approach Monitor the 3630 – 3620 – 3610 zones for potential long opportunities in line with the broader bullish structure. Short positions should only be considered if price delivers a decisive close beneath 3620, thereby confirming renewed downside pressure. This is my current outlook for gold today. Please use it as a guide alongside your own analysis and risk management.
OANDA:XAUUSDShort
by BrianLionCapital
EurAud Continuation Trade SetupPrimary Count Price is advancing in a small wave 4 recovery with the ideal resistance at the 38.2% retracement of wave 3 near 1.7719–1.7722, which often caps fourth waves in fast trends. A subsequent break lower would complete wave 5 with equality to wave 1 at or around 1.7622 - 1.7600 Why this count The decline into the labeled wave 3 shows impulsive characteristics, while the current bounce is overlapping and contained—typical wave 4 behavior into Fibonacci resistance. The projection cluster at 1.7622 (5 vs 1 equality) provides a textbook objective for terminating moves when wave 3 has carried the bulk of the trend. Trade plan Entry: Monitor for reversal signals in the 1.7715–1.7725 sell zone; consider scaling on a lower-timeframe break of the bounce channel. Stop: Above 1.7750 to allow noise beyond the 38.2% level while preserving the wave 4 thesis. Targets: Take profits at 1.7622- 1.7600. What to watch Confirmation comes from an impulsive turn down from the 38.2% zone followed by a break of bounce lows, indicating wave 5 has engaged. Invalidation is a sustained push and hold above 1.7750 that compromises the wave 4 cap and suggests a deeper correction toward higher retracements. Structure comes before prediction—let the reaction at 1.7720 reveal whether the fifth wave is ready to break lower or if the correction needs more time to mature
Short
by TheSignalService
EUR/USD 4H | Retest of Breakout Zone – Next Leg Higher?Market Structure: EUR/USD has finally broken above its multi-week descending trendline and is now retesting the breakout zone. Price action has compressed into the 1.1680–1.1700 range, aligning with key technical factors. Technical Confluence: ✔️ Fibonacci Retracement: Price sits at the 0.5–0.618 retracement (“golden pocket”) of the latest swing. ✔️ Moving Averages: 50 EMA and 200 EMA cluster at current support. ✔️ Trendline Retest: Old resistance flipped into potential new support. ✔️ Structure: Higher-low formation holding above 1.1640. ⚡ Key Levels to Watch: Support / Buy Zone: 1.1680–1.1700 Invalidation (Stop-Loss Idea): Below 1.16080 Resistance / Targets: TP1 → 1.1780 (previous high) TP2 → 1.1825 (-0.27 Fib extension) TP3 → 1.1885 (-0.618 Fib extension) 📌 Trade Idea: (Swing Long Bias) Entry Zone: 1.1680–1.1700 Stop: Below 1.16080 Targets: 1.1780 → 1.1825 → 1.1885 Risk/Reward: ~1:1.5 to 1:2.25 🧠 Bias: Holding above 1.1690 = bullish continuation favored. Losing 1.1680 could expose 1.1608, and deeper to 1.1485 monthly support. 🔮 Outlook: The EUR/USD breakout + retest setup aligns fibs, EMAs, and structure into a strong confluence zone. If bulls hold this level, expect continuation toward 1.1825 → 1.1885 in the coming sessions. What do you think traders does EUR/USD hold this breakout, or will sellers drag it back below 1.17? #EURUSD #Forex #SwingTrading #PriceAction #Fibonacci #Breakout @WrightWayInvestments @WrightWayInvestments @WrightWayInvestments
Long
by WrightWayInvestments
Solana (SOL) – Chart AnalysisToday, I would like to share my current view of the Solana chart with you. I am currently tracking three possible scenarios: Scenario 1 – Preferred: ABC correction to wave 2 In this scenario, I assume that Solana has not yet found its final bottom at around $95 on April 7, 2025. In my opinion, wave A was only completed at that point. We are currently moving correctively in wave B before a larger sell-off begins in wave 2. For wave B, I expect targets in the range of $276–300. If this range is clearly exceeded, a wave B extension to around $419 is also possible (regular chart). Variant 2 – Long wave 4 (less preferred) In this case, wave 4 would be completed on April 7, 2025, after an extended correction (ABC with overshooting wave B). We would now already be in the final wave 5. This would have potential up to the 0.618 level at around USD 516 or higher. Important: I am looking at this variant in the logarithmic chart, as otherwise the levels do not fit neatly. Nevertheless, this scenario is not my preferred assumption at present. Variant 3 – very bullish scenario Another possibility would be that wave 2 was already completed on April 7, 2025. In this case, we would already be in a new uptrend with several 1/2 structures, which would make the chart look very bullish. Confirmation would come if the $300 mark were to be sustainably exceeded – then this scenario could quickly become the primary one. However, as the structure is not yet convincing, I remain cautious and continue to favor the ABC correction (scenario 1). 📌 Summary My main scenario remains an ABC correction to wave 2 with a possible bottom between $50 and $30 (this is also where my long-term risk management lies). Nevertheless, the various variants present exciting opportunities for traders, both in the short and medium term. Solana therefore remains a coin that I continue to monitor very closely – especially in conjunction with the Bitcoin chart. This could also still be in a wave 4 correction before the final upward move takes place.
BINANCE:SOLUSDLong
by Jorgebatista8twcp
XAUUSD – Outlook Ahead of PPI ReleaseXAUUSD – Outlook Ahead of PPI Release Good day Traders, Gold recently advanced towards the Fibonacci 2.618 extension before meeting resistance and reacting lower. Price has also broken through the most recent minor low within the upward structure, which, in my view, represents a violation of the prevailing bullish trend. A further leg would still be required to establish a durable reversal structure, yet the case for a bearish bias is already forming. Fundamental Context Later today, the US PPI data will be released. Expectations are for 0.3%, down from 0.9% previously. Should the forecast materialise, gold could extend higher in the short term. However, I believe the figure may not prove as weak as projected, and therefore it is prudent to monitor the market’s response to the data before committing to fresh positions. Technical Levels of Interest 3660: A potential retest of this zone could provide another reaction and may represent the most attractive level to initiate short exposure. 3318: If gold confirms a lower structure in line with Dow theory and decisively breaks beneath prior support, the market could extend towards this deeper downside target. Trading Approach The preferred strategy for today is to seek selling opportunities: Ideal entry: around 3660, should price retest and reject the level. Strong confirmation: a decisive candle close beneath old support would validate further downside and provide a clear short entry. Short-term traders may also consider scalping within the corrective range created during yesterday’s US session, as the market redistributes price action. This is my perspective on gold for the day. Traders should use it as a guide and align it with their own analysis and risk management.
OANDA:XAUUSDShort
by BrianLionCapital
Bitcoin – Current Trend UpdateBitcoin – Current Trend Update Good day Traders, Bitcoin continues to respect the structure of an inverse head-and-shoulders formation, which remains intact at this stage. Following a test of the 113.5k region, price once again reacted lower – this marks the third rejection from this level, highlighting its importance as a pivotal zone. For the bullish momentum to extend and complete the final wave of the formation, this resistance must eventually be overcome. Scenarios to Monitor Bullish Scenario: The upward bias remains valid while price holds above 109k. In this context, long positions remain the preferred approach. Bearish Scenario: Should price sustain a break beneath 109k, the bullish case would be invalidated and a bearish outlook activated. Confirmation will be required before considering such positions. Short-Term Dynamics On the intraday timeframes, BTC is trading within a sideways channel. For short-term participants, range-based strategies such as buying near support and selling into resistance may remain effective until a decisive breakout occurs. Market Context At present, broader market attention is focused more heavily on gold rather than Bitcoin. As a result, BTC may continue to consolidate within a narrower range, requiring traders to temper expectations for immediate volatility. This represents my current outlook for Bitcoin. Traders are encouraged to use this as a reference and compare it with their own perspectives.
BINANCE:BTCUSDLong
by BrianLionCapital
Tesla: New Alternative Scenario Emerges Tesla continues to face significant upward pressure, repeatedly testing resistance at $373.04. As a result, we have dropped our previous alternative scenario of an early sell-off in favor of a new upside alternative. We now see a 37% chance that the stock will break above the $373.04 resistance, forming an early top for beige wave alt.x above the next key level at $405.54. However, our primary expectation is that TSLA will first pull back into our green Target Zone between $273.11 and $231.66, where we anticipate the low of green wave . Thus, this range could present new short- to medium-term long entry opportunities to capitalize on the subsequently expected rally, which is likely to culminate in the regular wave x high above $405.54. Following this top, we expect the final sell-off phase within the broader corrective structure: wave y should drive price down into the beige Target Zone between $157.88 and $46.70, where we project the low of blue wave (II). This range could present attractive opportunities for longer-term long positions. For potential long trades—whether in the green or the beige zone—a stop set 1% below the lower boundary of the respective zone can help manage risk.
NASDAQ:TSLAShort
by MarketIntel
USDJPY Trapped In Bearish PatternUSDJPY is already coming down despite the gap higher at the start of the week after Japan’s prime minister announced he will step down. That move proved to be only a short-lived recovery, as the main story remains Fed rate cut expectations, which keep the dollar under pressure. Any gains are short-lived, and looking at the updated wave structure, I still see an ongoing triangle that may retest the lower trendline a few times before eventually breaking lower, possibly later this week or after Thursday’s US inflation data. A break beneath 146.50 would open the way toward 145–144. Grega
Short
by ew-forecast
1
XRP: Lacks Momentum Despite Modest GainsRipple’s XRP is trading slightly higher today compared to last Monday, but it still hasn’t found real momentum. For now, it’s expected to continue moving upward toward resistance at $4.09 as part of turquoise wave B, before the correction of wave (2) is finally completed. The following magenta wave (3) should then drive gains above the $4.09 resistance level. If the altcoin manages to break directly above this level, this will suggest that wave alt.(2) has already wrapped up.
KRAKEN:XRPUSDLong
by MarketIntel
Elliott Wave Analysis: Balkrishna Industries LimitedHello friends, Welcome to RK_Chaarts, We're analyzing the chart of Balkrishna Industries Limited from the perspective of Elliott Waves. Here's what we've observed: we've completed Primary Degree Wave ((3)) in Black at the peak of August 2024. Following that, we've witnessed a complete bearish and sideways movement, culminating in the low of April 7, 2025, which marks the end of Primary Degree Wave ((4)) in Black. We've now initiated Wave ((5)) in Black, which should unfold as five Intermediate Degree subdivisions (1) to (5) in Blue. Furthermore, within Wave (1), we should see 1,2,3,4,& 5 Minor Degree subdivisions in Red. As we can see, we've marked Red Wave 1 as complete, and Red Wave 2 is almost complete. According to Elliott Wave Theory, Wave 2 has retraced less than 100% of Wave 1, which is a valid point. Our invalidation level will be the low of Wave ((4)) in Black at 2150. Since April 7, the price has made an impulsive move upwards, forming a high on May 9, 2025. We've labeled this as Minor Degree Wave 1 (in red). Within Wave 1, we've identified a lower degree, Minute Degree (in black), with subdivisions ((i))-((ii))-((iii))-((iv)) & ((v)). Following Wave 1, a corrective move has unfolded in a 3-3-5 structure, specifically a flat correction. We've labeled this as Wave 2. If the price doesn't break below the low of Wave ((4)) (2150), and instead forms a higher high, it will increase the likelihood that our wave count is correct. However, if the price makes a lower low, it will introduce a doubtful scenario. We've observed that Primary Degree Wave ((3)) in Black, which we identified at the top, has led to a corrective fall in Wave ((4)) in Black. Within Wave ((4)), we've labeled an Intermediate Degree (W)(X)(Y) correction (in blue) with subdivisions. This can be classified as a Double Three pattern. Furthermore, within the (W) correction, we've identified another Minor Degree WXY pattern, and within the (X) wave, another WXY pattern. The (Y) wave has an ABC minor pattern. Additionally, we've noticed a slanting resistance trend line, which has been broken with the arrival of Wave 1. Given the significant decline in price, market sentiments have likely contributed to the unfolding corrective structure. If the price forms a higher high, it will increase the likelihood that our potential Elliott Wave count is correct. Elliott Wave analysis is always like solving a puzzle, requiring us to unfold the structure and make educated guesses about the emerging pattern. If the price breaks below the Wave ((4)) low 2150, our wave count will likely change. Until the price remains above this invalidation level, we'll continue to follow this wave count. If the price crosses the Wave 1 high, we'll have full confidence in this wave count. In this study, we've applied Elliott wave theoretical structures to identify a potential scenario. However, markets can be unpredictable and may surprise us at any time, leading to new scenarios emerging. The information, chart, and study shared in this post are solely for educational purposes. Our goal is to demonstrate how we plot market movements and make informed forecasting about future trends using Elliott Wave theory. If our predictions prove accurate, we can refine our wave counts accordingly. Conversely, if our predictions are incorrect, we will need to adjust our wave counts. Please note that this analysis is not investment advice, and you should always consult with a financial expert before making any investment decisions. I am not Sebi registered analyst. My studies are for educational purpose only. Please Consult your financial advisor before trading or investing. I am not responsible for any kinds of your profits and your losses. Most investors treat trading as a hobby because they have a full-time job doing something else. However, If you treat trading like a business, it will pay you like a business. If you treat like a hobby, hobbies don't pay, they cost you...! Hope this post is helpful to community Thanks RK💕 Disclaimer and Risk Warning. The analysis and discussion provided on in.tradingview.com is intended for educational purposes only and should not be relied upon for trading decisions. RK_Chaarts is not an investment adviser and the information provided here should not be taken as professional investment advice. Before buying or selling any investments, securities, or precious metals, it is recommended that you conduct your own due diligence. RK_Chaarts does not share in your profits and will not take responsibility for any losses you may incur. So Please Consult your financial advisor before trading or investing.
NSE:BALKRISIND
by RK_Chaarts
8