Details: Minute Wave ((v)) Navy, progressing higher within Minor Wave 3 Grey of Intermediate Wave (5) Orange against 1590. Further, Minuette Wave (v) Orange could resume higher soon.

Invalidation point: 1590.

HDFC Bank daily chart technical analysis and potential Elliott Wave counts

HDFC Bank daily chart is indicating a progressive rally, which could be unfolding Minor Wave 3 Grey within Intermediate Wave (5) Orange against 1365 lows medium term. Minute Wave ((v)) could be unfolding now or Minute Wave ((iii)) could be extending against 1590.

The stock had print lows around 1270 mark in June 2022, terminating Intermediate Wave (4) Orange as marked. Minor Waves 1 and 2 Grey terminated around 1765 and 1265 levels respectively. Since then Minor Wave 3 Grey is unfolding and prices should ideally stay above 1265.

We shall change the degree of sub waves within Minor Wave 3 if required as price action unfolds. High probability remains for Minute Wave ((iii)) to be extended. A push above 1970 would be minimum expectation for Minute Wave ((v)) to complete.

HDFCBANK Elliott Wave technical analysis

Function: Larger Degree Trend Higher (Intermediate degree, orange).

Mode: Motive.

Structure: Impulse.

Position: Minute Wave ((v)) Navy progressing higher.

Details: Minute Wave ((v)) Navy, progressing higher within Minor Wave 3 Grey of Intermediate Wave (5) Orange against 1590. Further, Minuette Wave (v) Orange could resume higher within Minute Wave ((v)) Navy.

Invalidation point: 1590.

HDFC Bank four-hour chart technical analysis and potential Elliott Wave counts

HDFC Bank 4H highlights sub waves with Minute Wave ((v)) Navy since 1590 lows. Minuette Waves (i) through (iv) Orange might be complete as bulls prepare to come back in control from close to 1710-20 range. A push above 1800 mark should accelerate further.

Conclusion

HDFC Bank is progressing within Minute Wave ((v)) of Minor Wave 3 Grey as Intermediate Wave (5) Orange unfolds towards 1970-2000 range. Alternatively, a break below 1590 will change the medium term outlook.

HDFC Bank 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.

EUR/USD holds firm above 1.1900 as US NFP looms

EUR/USD holds its upbeat momentum above 1.1900 in the European trading hours on Wednesday, helped by a broadly weaker US Dollar. Markets could turn cautious later in the day as the delayed US employment report for January will takes center stage.

GBP/USD remains above nine-day EMA near 1.3650

GBP/USD recovers its recent losses from the previous session, trading around 1.3680 during the European hours on Wednesday. The technical analysis of the daily chart indicates a sustained bullish bias, as the pair trades within an ascending channel pattern.

Gold sticks to gains near $5,050 as focus shifts to US NFP

Gold holds moderate gains near the $5,050 level in the European session on Wednesday, reversing a part of the previous day's modest losses amid dovish US Federal Reserve-inspired US Dollar weakness. This, in turn, is seen as a key factor acting as a tailwind for the non-yielding yellow metal ahead of the critical US NFP release.

US Nonfarm Payrolls expected to show modest job gains in January

The United States Bureau of Labor Statistics will release the delayed Nonfarm Payrolls data for January on Wednesday at 13:30 GMT. Investors expect NFP to rise by 70K following the 50K increase recorded in December.

S&P 500 at 7,000 is a valuation test, not a liquidity problem

The rebound from last week’s drawdown never quite shook the sense that it was being supported by borrowed conviction. The S&P 500 once again tested near the 7,000 level (6,986 as the high watermark) and failed, despite a macro backdrop that would normally be interpreted as supportive of risk.

BNB prolonged correction signals deeper bearish momentum

BNB (BNB), formerly known as Binance Coin, is trading below $618 on Wednesday, marking the sixth consecutive day of correction since the weekend. The bearish price action is further supported by rising short bets alongside negative funding rates in the derivatives market.