The ITC INDIA daily chart reveals a bullish trend continuing via an impulsive Elliott Wave structure. Following the completion of gray wave 4's corrective phase, the stock has entered navy blue wave 1, which unfolds within the larger gray wave 5 sequence. This movement marks the beginning of the final push in the ongoing bullish cycle before a possible larger correction phase.

Navy blue wave 1 signifies the early stage of this final leg upward and typically gains momentum as market conviction builds. Gray wave 4’s conclusion provides the structural foundation for this next move, which often carries prices significantly higher before exhaustion. The current structure points toward continued strength until the next correction appears.

Once navy blue wave 1 concludes, navy blue wave 2 is expected to follow as a corrective retracement. This wave typically offers a temporary pullback before the continuation of gray wave 5’s completion. A vital level to monitor is 390; a move below this invalidates the current bullish count and calls for reassessment.

The daily timeframe underscores a favorable window for positioning as bullish momentum builds. Increasing volume and consistent price progression are key traits to watch. Although this may be the final stretch of the current bullish wave sequence, it still holds solid trading potential.

Technical indicators and price patterns will play a critical role in validating the ongoing wave. The move into gray wave 5 at a higher degree marks a potential culmination of the larger bullish cycle. Traders should stay alert for completion signals, including momentum divergence or classic reversal formations.

ITC INDIA Elliott Wave technical analysis

Function: Bullish Trend.

Mode: Impulsive.

Structure: Gray wave 5.

Position: Orange wave 3.

Direction next higher degrees: Gray wave 5 (started).

Details: Gray wave 4 appears completed; gray wave 5 is now underway.

The ITC INDIA weekly chart highlights a bullish trend entering its final phase through an impulsive Elliott Wave formation. Having completed the gray wave 4 correction, the stock has initiated gray wave 5 within the larger orange wave 3 sequence. This positioning suggests a final upward leg before a potential larger-scale correction sets in.

Gray wave 5, typically the terminal phase of an impulse sequence, can display either strong continuation or signs of exhaustion. Following wave 4’s completion, this leg often pushes to new highs or tests recent peaks. The current chart setup implies the market is closing in on completing this five-wave sequence.

The weekly timeframe offers a broader outlook, indicating that while gray wave 5 may be concluding, the movement sits within a more extensive bullish structure tied to orange wave 3. Traders should monitor wave 5 for traditional end-phase characteristics—such as slowing momentum or divergence in technical indicators.

This phase may present one final opportunity to capture bullish momentum before a more meaningful correction emerges. Reversal patterns and key price levels will be essential for identifying wave 5’s completion. While wave 5 sometimes exceeds expectations, traders must remain cautious and alert for topping signals.

Technical indicators and price action confirmation will help identify when bullish energy fades and a corrective phase begins. Vigilant observation of price structure and momentum will guide the transition into the next wave. The weekly chart emphasizes this setup’s importance for medium-term positioning.

Technical analyst: Malik Awais.

ITC INDIA 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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