Axis Bank Elliott Wave technical analysis [Video]
|Axis Bank Elliott Wave technical analysis
Function: Bullish Trend.
Mode: Impulsive.
Structure: Orange Wave 3.
Position: Navy Blue Wave 1.
Direction next lower degrees: Orange Wave 4.
Details: Orange wave 2 appears completed; orange wave 3 of 1 is now in progress.
Invalidation level: 932.
The AXIS BANK daily chart highlights a bullish trend developing within an impulsive Elliott Wave formation. The stock has finished its orange wave 2 correction and moved into orange wave 3, a part of the larger navy blue wave 1. This structure signals the early phase of a potentially strong upward impulse wave with considerable upside in the near term.
Orange wave 3 generally marks the most dynamic part of an Elliott Wave sequence, showing extended movement and increased momentum. The end of wave 2 has set the conditions for wave 3 to build. Historically, wave 3 tends to surpass wave 1 in strength and distance. The current chart pattern suggests continued upward movement before another correction begins.
The next likely phase is orange wave 4, expected once wave 3 completes. This phase should bring a temporary correction, which could offer a pullback entry point before the bullish trend resumes. The key invalidation level is 932. A break below this level would invalidate the current wave count, and a fresh analysis would be needed.
The daily timeframe offers a comprehensive view of the emerging wave structure, with wave 3 providing the setup for significant price gains. Traders should look for wave 3 traits such as strong directional movement and consistent momentum, while keeping an eye on the invalidation level. The suggestion remains to hold bullish positions through this impulse until evidence of a wave 3 peak appears.
Technical tools like momentum indicators and volume analysis will help confirm the wave structure as it progresses. With the start of navy blue wave 1 at a higher degree, there is further potential for long-term bullish continuation. Traders are advised to watch for volume surges and price strength for additional verification of the ongoing wave development.
Axis Bank Elliott Wave technical analysis
Function: Bullish Trend.
Mode: Impulsive.
Structure: Navy Blue Wave 1.
Position: Gray Wave 5.
Direction next lower degrees: Navy Blue Wave 2.
Details: Gray wave 4 appears completed; navy blue wave 1 of 5 is currently in progress.
Invalidation Level: 932.
This Elliott Wave analysis for AXIS BANK on the weekly chart outlines a bullish trend in progress. The stock is showing an impulsive pattern, indicating ongoing upward momentum within the broader structure. AXIS BANK is currently in navy blue wave 1, part of a larger bullish cycle. The active wave, gray wave 5, suggests the instrument is nearing the final leg of a five-wave advance, typically followed by a corrective move.
Gray wave 4 seems to have concluded, marking the end of the last corrective phase. With that correction likely complete, the chart now shows the beginning of navy blue wave 1 of 5, a smaller degree impulse wave within gray wave 5. This points to a renewed short-term upward move in the current bullish cycle.
The invalidation point is set at 932. If the price moves below this level, the current bullish wave count would be invalidated and require a reassessment. As the current wave 1 of 5 progresses, the next expected move is downward into navy blue wave 2, which will act as the correction for the current push.
Overall, this technical setup suggests that AXIS BANK may see additional short-term gains as part of this active wave. Traders should keep an eye on the invalidation level to either maintain the bullish perspective or adjust their outlook if conditions change.
Axis Bank Elliott Wave technical analysis [Video]
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