The daily chart review of Asian Paints identifies the early development of a new upward trend with clear impulsive behavior. The technical analysis highlights the formation of Orange Wave 1 within a broader bullish pattern marked as Navy Blue Wave 1. This points to the beginning of a new upward momentum in the stock’s price action.

Currently, Asian Paints is forming Orange Wave 1 under Navy Blue Wave 1, indicating the onset of a potential bullish cycle. The impulsive pattern seen confirms significant buying interest, hinting at the possibility of continued strength. The 2123 level acts as a key invalidation point—any drop below this may challenge the current wave count and suggest the trend needs to be reassessed.

This Elliott Wave structure is critical for understanding the stock’s position at the early stage of a potential larger move. If confirmed, this trend could present considerable upside for traders. After the current impulsive phase ends, Orange Wave 2—a corrective phase—is expected next.

Market participants should carefully observe the price action to validate the ongoing impulsive structure, while keeping a close eye on the critical 2123 support level. A confirmed continuation of the trend could offer promising opportunities, though caution is necessary in case of invalidation. This setup provides valuable insight into the evolving technical landscape.

Asian Paint Elliott Wave technical analysis

Function: Bullish Trend.

Mode: Impulsive.

Structure: Navy Blue Wave 1.

POSITION: Gray Wave 1.

Direction next lower degrees: Navy Blue Wave 2.

Details: Orange Wave 4 appears complete. Navy Blue Wave 1 of 1 is currently in progress. Wave invalidation level: 2123.

The weekly chart analysis for Asian Paints outlines a bullish scenario, highlighting the beginning of a new upward trend. The technical charting shows Navy Blue Wave 1 developing inside a larger bullish structure defined by Gray Wave 1. This follows the apparent completion of the corrective Orange Wave 4, suggesting that the stock has entered a new impulse phase.

The transition from Orange Wave 4 to Navy Blue Wave 1 signals strong momentum, confirmed by the impulsive movement in the current upward wave. The 2123 level serves as a key technical support—any move below it would challenge the current wave structure and might indicate a need to reassess the pattern.

This Elliott Wave framework helps investors understand where Asian Paints stands within the bigger trend. The ongoing structure implies potential for further upside as Navy Blue Wave 1 represents just the beginning of the broader bullish move in Gray Wave 1. Once this wave completes, Navy Blue Wave 2—a corrective phase—is expected to follow.

Traders should continue observing the price action to verify the strength of this impulsive wave. Close attention should be paid to the 2123 support level as a break may change the technical view. Overall, the weekly chart supports a bullish outlook, underlining the strength and possible duration of this new advancing phase.

Asian Paints 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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