Nestle India Elliott Wave technical analysis [Video]

NESTLEIND Elliott Wave technical analysis

Function: Larger Degree Trend Higher (Intermediate degree, orange). 

Mode: Motive. 

Structure: Impulse. 

Position: Minute Wave ((iii)) Navy.  

Details: Minute Wave ((iii)) Navy, progressing within Minor Wave 5 Grey of Intermediate Wave (5) Orange against 2450 level. Potential target is seen towards 3050.

Invalidation point: 2450.

NESTLE India daily chart technical analysis and potential Elliott Wave counts

NESTLE India daily chart is progressing higher to terminate its fifth wave at multiple degrees as marked here with potential target towards 3050 mark. The stock is subdividing within Minor Wave 5 Grey as Minute Wave ((iii)) poised to push through 2900 zone.

The stock carved a low around 1600 in May 2022, Intermediate Wave (4) Orange. The subsequent rally has subdivided into five Minor Waves 1 through 5, with bulls progressing within the last leg against 2330; Minor Wave 4 low registered on June 04, 2024.

If the above holds well, the stock is now unfolding Minor Wave 5 and is within Minute Wave ((iii)) at the time of writing. Prices should ideally stay above 2600 levels to hold the above impulse.

NESTLEIND Elliott Wave technical analysis

Function: Larger Degree Trend Higher (Intermediate degree, orange). 

Mode: Motive. 

Structure: Impulse. 

Position: Minute Wave ((iii)) Navy.  

Details: Minute Wave ((iii)) Navy, progressing within Minor Wave 5 Grey of Intermediate Wave (5) Orange against 2450 level. Potential target is seen towards 3050. Furthermore, Minuette Waves (i) through (v) Orange, are unfolding to complete Minute Wave ((iii)) Navy towards 2910.

Invalidation point: 2450.

Nestle India four-hour chart technical analysis and potential Elliott Wave counts

NESTLE India 4H chart highlights the sub waves within Minor Wave 4 between 2770 and 2600, a potential zigzag at Minute degree. Further Minute Wave ((ii)) within Minor Wave 5 was a combination. The recent price action suggests Minute Wave ((iii)) progressing higher towards 2900-10 zone against 2450.

Conclusion

NESTLE India is progressing higher towards 3050 levels as Minute Wave ((iii)) Navy unfolds within Minor Wave 5 Grey of Intermediate Wave (5) Orange against 2450.

Nestle India Elliott Wave technical analysis [Video]