Potential Reversal Ahead: Elliott Wave AnalysisHello friends,
Welcome to RK_Chaarts,
Today we're going to analyze chart of stock named IDFC First Bank, based on Elliott wave theory.
Today, we're analyzing the chart of IDFC First Bank using Elliott Wave theory. On the chart, we've marked the Elliott Waves, indicating that:
- Red wave 1 and 2 (Minor degree) have ended
- Price is unfolding into red wave 3 (Minor degree)
- Black wave ((i)) and ((ii)) (Minute degree) have completed
- Black wave ((iii)) (Minute degree) is ongoing
- Blue wave (i) and (ii) (Minuette degree) have finished
- Blue wave (iii) (Minuette degree) is in progress
- Red wave i, ii, and iii (Subminuette degree) have completed
- Possibly in the correction phase of red wave iv (Subminuette degree)
We observe that the price gapped up, retraced to correct wave iv, and is now supported by the gap zone. Along with 200Exponential Moving Average is also at Gap level which can also provide a good Support to same view.
Our estimate suggests a high probability of a price reversal. However, market uncertainties exist.
Potential price targets: 81, 93, and 100+
Nearest invalidation level: 73.09 (wave iv should not overlap wave i)
Please note that this analysis is for educational purposes only. I'm not a SEBI-registered analyst, and you should consult your financial advisor before trading or investing.
Let's see how the market unfolds. This entire study is shared solely for educational purposes. Thank you so much.
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.
