ADANI Power daily chart is indicating a progression higher, which might be complete around 900 mark as fifth wave terminates at multiple degrees. If correct, a corrective drop at Minor degree at least should be underway against the above.

ADANI Power terminated Intermediate Wave (4) Orange around 130 mark in February 2023. Since then, Minor Waves 1 through 5 seem to be complete, terminating Intermediate Wave (5) Orange around 900 range. Minor Wave 3 was extended as expected.

If the above holds well, the stock should ideally remain under 900 mark to hold the counter trend, more specifically below 800 with tighter risk. It is expected to continue lower towards 500 at least, as Minute Wave ((iii)) unfolds.

Adani Power Elliott Wave technical analysis

Function: Counter Trend (Intermediate degree, orange).

Mode: Corrective.

Structure: Potential Impulse within Larger Degree Zigzag.

Position: Minute Wave ((iii)) Navy.

Details: Minute Wave ((iii)) Navy is progressing lower within Minor Wave 1 against 800. A break below 580 would accelerate towards 490-500 zone. Alternatively, the stock could bounce higher from 580 levels terminating Minor Wave 4 and then resume higher towards.

Invalidation point: 800.

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

ADANI Power 4H chart also reveals a major to in place around 900 mark. The stock is unfolding a larger degree corrective wave and has carved Minute Waves ((i)) and ((ii)) around 645 and 800 respectively. If correct, Minute Wave ((iii)) is now underway towards 500 lows.

Conclusion

ADANI Power might have turned lower from 900 highs and is now progressing within Minute Wave ((iii)) Navy, towards 500 levels going forward.

Adani Power 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.

EUR/USD plummets to 1.1840 on US NFP

EUR/USD’s selling momentum now picks up pace and rapidly hits the 1.1840 region on Wednesday. Indeed, the pair’s decline comes amid rising buying pressure on the US Dollar in the wake of firmer-than-expected results from US NFP in January.

GBP/USD approaches 1.3600 on USD-buying

GBP/USD adds to Tuesday’s pullback and trades closer to the 1.3600 support on Wednesday. That said, Cable’s extra downside traction comes against the backdrop of renewed strength in the Greenback as investors assess the latest US NFP data.

Gold trims gains post-NFP, targets $5,000

Gold rapidly reverses initial gains and retreats to the vicinity of the $5,000 region per troy ounce amid further gains in the Greenback and rising US Treasury yields, all following the latest US NFP readings.

Ripple Price Forecast: XRP sell-side pressure intensifies despite surge in addresses transacting on-chain

Ripple (XRP) is edging lower around $1.36 at the time of writing on Wednesday, weighed down by low retail interest and macroeconomic uncertainty, which is accelerating risk-off sentiment.

US jobs data surprises to the upside, boosts stocks but pushes back Fed rate cut expectations

This was an unusual payrolls report for two reasons. Firstly, because it was released on Wednesday, and secondly, because it included the 2025 revisions alongside the January NFP figure.

Bitcoin price slips below $67,000 ahead of US Nonfarm Payrolls data

Bitcoin price extends losses, and trades below the lower consolidating boundary at $67,300 at the time of writing. A firm close below this level could trigger a deeper correction for BTC. Despite the weakness in price action, institutional demand shows signs of support, recording mild inflows in ETFs so far this week.