Adani Green Energy Elliott Wave technical analysis [Video]

Peter Mathers TradingLounge

ADANIGREEN Elliott Wave technical analysis

Function: Counter Trend (Intermediate degree, orange).

Mode: Corrective.

Structure: Flat.

Position: Minor Wave C Grey.

Details: Minor Wave C Grey could be underway against 2190, to terminate Intermediate Wave (4) Orange. Further it is subdividing as an impulse with Minute Wave ((iii)) in progress.

Invalidation point: 2190.

Adani Green Energy daily chart technical analysis and potential Elliott Wave counts

ADANI GREEN ENERGY daily chart indicates the stock is carving a corrective wave at Intermediate degree after hitting 3060 high in April 2022. Minor Waves A and B seem to be in place around 440 and 2190 levels respectively as bears are poised to unfold Wave C lower.

Alternatively, if prices push higher through 1550 mark, the above bearish view would be nullified and we shall re-look into the wave structure. For now, the immediate level to watch is 875 for a break out on the south side.

ADANIGREEN Elliott Wave technical analysis

Function: Counter Trend (Intermediate degree, orange).

Mode: Corrective.

Structure: Flat.

Position: Minor Wave C Grey.

Details: Minor Wave C Grey could be underway against 2190, to terminate Intermediate Wave (4) Orange. Further it is subdividing as an impulse with Minute Wave ((iii)) in progress. The Minuette waves (not labelled) are unfolding to terminate Minute Wave ((iii)) towards 566 levels.

Invalidation point: 2190.

Adani Green Energy four-hour chart technical analysis and potential Elliott Wave counts

ADANI GREEN ENERGY 4H chart is highlighting the sub waves after post Minor Wave B termination around 2190 in May 2024. Minute Waves ((i)) and ((ii)) are in place around 1550 and 2100 levels respectively. Since then, Minute Wave ((iii)) has been unfolding as an extension.

Minute Wave ((iii)) is potentially targeting 577 lows, and a break below 875 would accelerate. Minor Wave C is expected to terminate around 400 levels subsequently terminating Intermediate Wave (4) Orange. Only a push above 1550 mark would invalidate.

Conclusion

ADANI GREEN ENERGY is progressing lower towards 400 levels within Minor Wave C of Intermediate Wave (4) Orange.

Adani Green Energy Elliott Wave technical analysis [Video]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

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