The daily chart analysis of ITC India shows a bullish outlook with an impulsive wave pattern. The current formation features navy blue wave 1 evolving within the larger bullish context of gray wave 5. This suggests gray wave 4 has completed, and the stock has now entered a fresh upward movement. This segment is typically the final advancing phase in a higher-degree Elliott Wave cycle, often accompanied by notable buying strength before potential trend fatigue.

The analysis confirms the end of gray wave 4 and the beginning of upward momentum in navy blue wave 1. A critical technical level has been defined at 390, below which the current bullish count would be invalidated. This could point to either a premature end to the rally or require re-evaluation of the wave structure. The current setup reflects strong buying interest, but caution is advised as the fifth wave matures.

Following the expected completion of navy blue wave 1, a corrective navy blue wave 2 is anticipated. This technical structure provides valuable insight into ITC’s positioning within its broader bullish cycle and identifies possible zones of reversal. Upside potential remains in place before this five-wave pattern concludes, after which a larger correction may emerge.

Traders should monitor signs signaling wave one’s completion while also watching for any invalidation near 390 that might necessitate an updated technical view.

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, with gray wave 5 now advancing.

Wave cancel invalid level: 390.

The weekly chart of ITC India indicates a strong bullish trend supported by an impulsive wave structure. The technical outlook shows gray wave 5 developing within a larger bullish cycle, with the current movement situated in orange wave 3. This confirms that gray wave 4 has ended, signaling a fresh upward leg that is often the final strong push before a major correction or trend reversal.

The analysis establishes 390 as a key invalidation level. Any move below this point would invalidate the present wave count, suggesting either an early conclusion of the bullish phase or the need to reassess the Elliott Wave structure. Current price action reflects solid institutional participation, and the weekly timeframe hints at continued upward potential before this final wave phase completes.

This setup offers a reliable technical framework to understand ITC’s place in the broader trend. While gray wave 5 represents a late-stage move in the bullish cycle, the structure still supports further gains before signs of trend exhaustion emerge. Traders and investors should monitor wave five's progression and remain alert to any signals around the invalidation level, ensuring sound risk management. This analysis helps in managing exposure while taking advantage of the remaining upside opportunity.

ITC India – ITC 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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