HDFC Life Insurance Elliott Wave technical analysis [Video]

Peter Mathers TradingLounge

HDFCLIFE Elliott Wave technical analysis

Function: Larger Trend Higher (Intermediate degree Wave (3), orange)

Mode: Motive

Structure: Impulse

Position: Minute Wave ((v)) Navy

Details: Minute Wave ((v)) Navy is progressing higher within Minor Wave 3 Grey of Intermediate Wave (3) Orange. Potential upside target is seen towards 797 mark. No change.

HDFC Life Insurance daily chart technical analysis and potential Elliott Wave counts:

HDFC Life Insurance daily chart is indicating potential rally towards 797 mark in the near term as Minute Wave ((v)) of Minor Wave 3 of Intermediate Wave (3) unfolds against 666. A break below 666 would confirm the alternate count where Minute Wave ((v)) looks complete through 765.

The stock had carved a low around 455 in March 2023, marked as Intermediate Wave (2) Orange o the daily chart. Since then Minor Wave 1 Grey terminated around 711, while Minor Wave 2 unfolded as a combination ((w))-((x))-((y)) terminating around 510 mark.

Further, Minor Wave 3 has been unfolding against 510 with Minute Waves ((i)) through ((iv)) complete. If the above is correct, Minute Wave ((v)) is now progressing towards 797 against 666 support.

HDFCLIFE Elliott Wave technical analysis

Function: Larger Trend Higher (Intermediate degree Wave (3), orange).

Mode: Motive.

Structure: Impulse.

Position: Minute Wave ((v)) Navy.

Details: Minute Wave ((v)) Navy is progressing higher within Minor Wave 3 Grey of Intermediate Wave (3) Orange. Potential upside target is seen towards 797 mark. A break below 666 would confirm that Minute Wave ((v)) might be complete around 760-65.

Invalidation point: 666, Risk tightened.

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

HDFC Life Insurance 4H chart highlights sub waves since Minor Wave 2 Grey terminated around 510 on June 04, 2024. As marked here, Minute Waves ((i)) through ((iv)) seems to be complete and Wave ((v)) is now progressing higher towards 797 mark, the fibonacci 0.618 extension.

Conclusion

HDFC Life Insurance is progressing higher towards 797 mark as Minute Wave ((v)) unfold within Minor Wave 3 Grey of Intermediate Wave (3) Orange.

HDFC Life Insurance 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 revisits 1.3530; Dollar pushes harder

GBP/USD adds to the weekly correction and recedes toward the 1.3530 zone on Friday. Indeed, Cable faces increasing selling pressure on the back of extra gains in the Greenback, particularly fuelled by Chair Warsh’s speech at the Jackson Hole Symposium and the US NFP Annual Revision (-79K).

EUR/USD breaches below 1.1600, multi-day lows

EUR/USD now accelerates its decline and retreats to seven-day troughs in the sub-1.1600 region at the end of the week. The pair’s pullback comes on the back of the strong rebound in the US Dollar after Chair Warsh delivered a hawkish message in Jackson Hole, while the US NFP Annual Revision came in at -79K.

Gold seems vulnerable above $4,450 as Fed hike bets, Iran risks support USD

Gold recovers slightly from a one-and-a-half-week low, touched during the Asian session on Monday, though any meaningful recovery seems elusive. Fed Chair Kevin Warsh’s Jackson Hole speech was perceived as hawkish, raising expectations for a September rate hike. Adding to this, fresh US strikes on Iran keep the geopolitical risk premium in play, which acts as a tailwind for the safe-haven US Dollar and should cap the bullion.

Week ahead: RBNZ and BoC decide on rates ahead of all-important US NFP

The US dollar staged a modest recovery this week, perhaps as traders decided to cover some of their short positions amid slightly stickier or in-line US PCE inflation numbers for July, confounding expectations of softer prints amid the softness revealed in the CPI data for the month.

CFTC Report: CAD short covering leads; Gold buying surges

The week in one sentence: speculative positioning shifted more constructively in the week to August 25. CAD short covering led the move, followed by a broad reduction in EUR shorts and renewed Gold buying. GBP and VIX positioning also improved, while JPY positioning deteriorated and WTI flows diverged from weaker prices.

Diesel’s record $100 warning: The oil shock hiding in plain sight

The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.