TRENDING:

XAU/USD

EUR/USD

HDFC Bank Indian stocks Elliott Wave technical analysis [Video]

Peter Mathers TradingLounge

HDFC Bank (one day chart) Elliott Wave technical analysis

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

Mode: Motive.

Structure: Impulse.

Position: Minute Wave ((iv)) Navy Flat.

Details: Minute Wave ((v)) Navy, is now progressing higher within Minor Wave 3 Grey of Intermediate Wave (5) Orange against 1426. No change.

Invalidation point: 1426.

HDFC BANK daily chart technical analysis and potential Elliott Wave counts:

HDFC BANK daily chart is indicating a progressive rally, which is within Minor Wave 3 Grey of Intermediate Wave (5) Orange against 1426 mark. The stock has closed above 1800 mark and could accelerate as immediate resistance around 1795 has been taken out.

The stock had dropped to 1275 lows in June 2022, terminating Intermediate Wave (4). The wave structure has been quite overlapping and the best possible counts could be Minor Wave 1 and 2 complete around 1750 and 1365 levels respectively.

Since then, Minor Wave 3 has been unfolding and is potentially extending. An alternative count could be Minute Wave ((i)) of Minor 3 is unfolding against 1426 mark.

HDFC Bank (four-hour chart) Elliott Wave technical analysis

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

Mode: Motive.

Structure: Impulse.

Position: Minute Wave ((iv)) Navy Flat.

Details: Minute Wave ((v)) Navy, is now progressing higher within Minor Wave 3 Grey of Intermediate Wave (5) Orange against 1426. Aggressive traders could tighten risk further to 1600-10 range.

Invalidation point: 1426.

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

HDFC BANK 4H chart is primarily highlighting its sub waves from Minute Wave ((iii)), which completed around 1495 in July 2024. Minute Wave ((iv)) unfolded as a running flat terminating around 1610 mark. If the above holds well, Minute Wave ((v)) could be unfolding at the moment and possibly carve an impulse or a diagonal.

Conclusion:

HDFC BANK is progressing within Minute Wave ((v)) Navy of Minor Wave 3 Grey within Intermediate Wave (4) Orange against 1426.

Elliott Wave Analyst: Harsh Japee

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.

GBP/USD holds above 1.3450 despite Mideast uncertainty

GBP/USD trades flat on the day above 1.3450 following the bearish action seen in the early European session on Thursday. Conflicting rhetoric from US and Iranian officials about a potential deal fuels market concerns and limits the pair's upside, while investors refrain from taking large positions ahead of Friday's critical Nonfarm Payrolls data from the US.

EUR/USD declines below 1.1550 on modest USD recovery

EUR/USD corrects lower after posting gains for two consecutive days and trades below 1.1550 in the second half of the day on Thursday. Markets stay wary about the prospects of a US-Iran peace deal and the reopening of the Strait of Hormuz, keeping the safe-haven USD underpinned and making it difficult for the pair to regain its traction.

How Wall Street rigs the game [Video]

In this week’s Live from the Vault, Andrew Maguire is joined by Peter Antico and Sean Stone to discuss the Paradigm of Money - an in-depth expose of financial market corruption, from naked shorting to the two-tier system that protects Wall Street.

Top Altcoins: Ripple, Cardano, and Solana vulnerable to deeper losses

Ripple, Cardano, and Solana are trading in the red on Thursday, facing downside pressure. The technical outlook for altcoins is bearish, as XRP risks falling below $1.00, ADA is eyeing the 50-day Exponential Moving Average at $0.1766, and SOL remains capped below a cluster of resistance levels.

AI defies the disinflationary playbook: Why lower oil prices might not be enough to cool core inflation

The global economic landscape has been fixated on the Middle East since the US-Iran war started in late February, reacting to significant changes in crude Oil prices and assessing how they could influence inflation dynamics and growth outlook.

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.