The daily chart analysis signals strong bullish momentum in Dr Reddy’s Laboratories, indicating the stock is in an advancing phase. The current wave structure shows Navy Blue Wave 1 progressing within the broader Gray Wave 3, following the end of Gray Wave 2’s corrective movement.

This setup marks the beginning of a potentially powerful upward phase. The impulsive characteristics suggest firm buying interest. As long as the price stays above 1018, the bullish count remains valid. A break below this level may require a technical reassessment.

This configuration provides a strategic overview for investors. With Navy Blue Wave 1 unfolding, there is potential for continued gains. The next likely phase will be the continued rise within Gray Wave 3. Traders should closely monitor for confirmation signals while staying alert to any invalidation that may affect strategy.

Elliott Wave technical analysis

Function: Bullish Trend

Mode: Impulsive

Structure: Navy Blue Wave 1

Position: Gray Wave 3

Direction next lower degrees: Navy Blue Wave 2

Details: Gray Wave 2 appears completed; Navy Blue Wave 1 of Gray Wave 3 is active.

Wave cancel invalid level: 1018.

The weekly chart presents a robust bullish outlook for Dr Reddy’s Laboratories, highlighting a strong impulsive move. The current pattern shows Navy Blue Wave 1 progressing within Gray Wave 3, confirming the completion of the earlier corrective phase in Gray Wave 2.

This setup indicates the beginning of a potentially extended upward trajectory. Institutional buying appears to support the move. The structure holds unless price falls below 1018, which would invalidate the count and suggest reevaluation.

For long-term investors, this chart provides essential insights. The next wave expected is Navy Blue Wave 2, which would follow the completion of the current impulsive advance. Continued monitoring of price and support levels is recommended.

Dr Reddy Laboratories – DRREDDY 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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