HCL TECHNOLOGY Indian Stocks Elliott Wave technical analysis [Video]

HCL TECHNOLOGY Elliott Wave technical analysis

• Function: Counter-Trend.

• Mode: Impulsive.

• Structure: Navy Blue Wave A.

• Position: Gray Wave 2.

• Next higher degree direction: Navy Blue Wave B.

• Wave cancel invalidation level: 2013.80.

Analysis overview:

The HCL TECHNOLOGY Elliott Wave Analysis for the daily chart offers a detailed market assessment, highlighting current trends and potential future movements.

The market is in a counter-trend phase, exhibiting impulsive price action instead of corrective movements. The primary wave structure under observation is Navy Blue Wave A, positioned within Gray Wave 2, marking its placement in the broader Elliott Wave sequence.

• Key insights:

  • Gray Wave 1 has likely completed, and the market is now transitioning into Navy Blue Wave A.

  • This impulsive wave indicates strong directional movement, suggesting further market volatility before the next wave forms.

  • The next higher-degree wave to monitor is Navy Blue Wave B, which is expected to follow the conclusion of Navy Blue Wave A.

  • A critical invalidation level is 2013.80. If the price drops below this level, the current wave count becomes invalid, indicating a potential trend reversal.

Trading implications and market outlook:

Traders should closely observe the completion of Navy Blue Wave A, as it could mark the beginning of Navy Blue Wave B, leading to new trading opportunities.

By analyzing the daily chart, traders can align their strategies with immediate market trends and potential turning points. The focus on wave patterns and key price levels provides insights for precise entry and exit decisions.

This approach ensures that traders remain prepared for evolving market conditions, enabling them to adjust their trading strategies accordingly and capitalize on market movements.

HCL TECHNOLOGY Elliott Wave technical analysis

• Function: Counter-Trend.

• Mode: Impulsive.

• Structure: Navy Blue Wave A.

• Position: Gray Wave 2.

• Next higher degree direction: Navy Blue Wave B.

• Wave cancel invalidation level: 2013.80.

Analysis overview:

The HCL TECHNOLOGY Elliott Wave Analysis for the weekly chart provides a comprehensive market outlook, highlighting current trends and potential future price movements.

The market is in a counter-trend phase, characterized by impulsive movement rather than corrective action. The primary wave under consideration is Navy Blue Wave A, which is part of a larger wave pattern. This wave is positioned within Gray Wave 2, defining its place within the broader Elliott Wave count.

• Key insights:

  • Gray Wave 1 has likely completed, and the market has now transitioned into Navy Blue Wave A.

  • This impulsive wave indicates strong directional movement, suggesting market volatility before the next trend emerges.

  • The next wave to monitor is Navy Blue Wave B, expected to develop after Navy Blue Wave A concludes.

  • A critical invalidation level is 2013.80. If the price drops below this level, the current wave count becomes invalid, indicating a possible trend shift.

Trading implications and market outlook:

Traders should closely monitor the completion of Navy Blue Wave A, as it may signal the onset of Navy Blue Wave B, providing new trading opportunities.

By analyzing the weekly chart, traders gain a long-term perspective, helping them align their strategies with broader market trends and key turning points. Focusing on wave structures and price levels enhances trading precision and decision-making.

This approach ensures that traders remain prepared for market developments, allowing them to adjust their trading strategies accordingly and capitalize on potential price movements.

Technical analyst: Malik Awais.

HCL TECHNOLOGY Elliott Wave technical analysis [Video]