The ASIAN PAINT daily chart reveals a bullish trend forming within an impulsive Elliott Wave structure. The stock has finished the Orange Wave 4 correction and moved into Navy Blue Wave 1 inside the broader Gray Wave 1 setup. This structure signals the early phase of a fresh upward impulse wave, which could bring strong momentum in the coming sessions.

Navy Blue Wave 1 marks the beginning of this new bullish cycle, generally featuring steady price gains as the market builds confidence. The end of Orange Wave 4's correction has set the conditions for this developing Wave 1, often showing gradual movement before stronger advances emerge later. The current structure suggests progressive upward development ahead of the next correction.

Key levels and market strategy

A critical level to monitor is 2123. A drop below this level would invalidate the current bullish outlook, requiring a reevaluation of the wave count. This support protects the low formed by Wave 4 and is essential for maintaining the current structure.

The daily timeframe highlights the early stage of a potentially strong impulse wave. Traders should watch for typical Wave 1 behavior—moderate volume growth and steady price progression. It is important to recognize that Wave 1 usually builds the groundwork for future, more aggressive movements like Wave 3.

Next steps and outlook

The next expected move is the formation of Navy Blue Wave 2 after the completion of Wave 1. This correction should offer a pullback opportunity before the stronger Wave 3 phase potentially begins. Careful monitoring of price actions and momentum indicators will be key to confirming the wave transition.

Technical indicators and patterns will be crucial in validating the unfolding structure. The transition into Gray Wave 1 at the higher degree suggests upcoming stronger momentum phases, making this period critical for positioning toward further upside movement.

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 completed, Navy Blue Wave 1 of 1 is now underway.

Wave Cancel Invalid Level: 2123

Weekly chart analysis overview

The ASIAN PAINT weekly chart highlights a bullish trend emerging through an impulsive Elliott Wave structure. The stock has completed its Orange Wave 4 correction and has entered Navy Blue Wave 1, developing within the broader Gray Wave 1 structure. This setup suggests the early stages of a potential significant upward move in the weeks ahead, establishing a new bullish foundation.

Navy Blue Wave 1 represents the first phase of this impulse, typically showing steady price advances as the market builds directional confidence. The end of Orange Wave 4’s correction has created favorable conditions for this developing Wave 1, which often grows gradually before stronger follow-through appears in later waves. The weekly perspective points to the beginning of an intermediate-term trend.

Market structure and key technical levels

The current structure shows a transition into a substantial Gray Wave 1 at a higher degree, with Navy Blue Wave 1 acting as the initial sub-wave. This configuration often leads to more robust trending behavior as the market confirms its new bias. Traders should watch for classic indicators such as strengthening technical readings and increasing volume.

A critical level to observe is 2123. A break below this support would invalidate the current bullish scenario and require a reevaluation of the wave count.

Next moves and trading strategy

After completing Navy Blue Wave 1, the next expected phase is the formation of Navy Blue Wave 2, a corrective move that may offer a pullback opportunity before the anticipated stronger Wave 3 surge. The weekly timeframe stresses the importance of monitoring price action and technical signals to confirm the evolving structure.

This analysis implies that ASIAN PAINT could be entering a favorable phase for intermediate-term trend-following strategies. Technical patterns and momentum indicators will play a crucial role in confirming bullish continuation, especially as the market transitions toward larger impulsive waves.

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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