The Elliott Wave analysis of COAL INDIA’s daily chart presents a counter-trend situation. The price is currently moving in an impulsive pattern, indicating a strong move in the opposite direction of the main trend. The pattern is identified as Gray Wave C, which is part of a larger correction within Orange Wave 4. This suggests the stock is likely in the final phase of this correction.

Wave B to C transition

Gray Wave B looks completed, which has led to the development of Gray Wave C. This wave usually marks the end of a counter-trend move and typically carries momentum in the opposite direction of the primary trend. It unfolds within the broader Orange Wave 4 corrective structure.

Technical outlook

Currently, COAL INDIA seems to be in the final stage of a counter-trend move. With Gray Wave C active and Wave B finished, there is strong impulsive selling pressure. Traders should monitor for reversal signals, as Wave C commonly marks the end of corrective movements such as Orange Wave 4.

COAL INDIA Elliott Wave technical overview – Weekly chart

Function: Counter-Trend.

Mode: Impulsive.

Structure: Gray Wave C.

Position: Orange Wave 4.

Direction (lower degrees): Gray Wave C (Started).

Details: Gray Wave B appears complete, and Gray Wave C is underway.

Weekly chart summary

The Elliott Wave analysis for COAL INDIA’s weekly chart outlines a counter-trend movement. The price is moving impulsively, showing strong momentum against the dominant market direction. The ongoing structure is Gray Wave C, which is part of a broader correction under Orange Wave 4. This indicates that the stock may be nearing the end of a corrective move.

Wave B to C shift

Gray Wave B appears to be finished, which leads into the current development of Gray Wave C. This wave often marks the final part of a corrective trend and typically carries significant momentum against the main direction. The upcoming action at lower degrees continues the Gray Wave C structure within the broader Orange Wave 4.

Technical outlook

COAL INDIA is now in what appears to be the concluding phase of a counter-trend pattern. With Gray Wave C in motion and Wave B completed, strong impulsive selling behavior is likely. Traders should look out for signals of a possible completion, as Wave C may conclude the larger Orange Wave 4 correction.

Coal India – 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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