The ULTRATECH CEMENT Elliott Wave Analysis for the daily chart points to a counter-trend phase, characterized by a corrective movement. The current structure forms navy blue wave 2, which belongs to a broader gray wave 5 pattern. This situation suggests that after the impulsive navy blue wave 1 finished, the stock is now correcting in navy blue wave 2, setting the stage for the next anticipated move: navy blue wave 3.

The analysis confirms that navy blue wave 1 looks finalized, and navy blue wave 2 is unfolding. The next expectation at higher degrees is navy blue wave 3, a potential resumption of the broader bullish trend. The invalidation level sits at 10048. A price movement above this level would invalidate the current corrective structure and possibly signal a stronger bullish continuation instead of just a pullback.

The overall function stays corrective within a larger bullish framework, suggesting that the present decline is temporary rather than a trend reversal. Being part of gray wave 5 implies that the stock remains within a bigger bullish setup. The ongoing correction (navy blue wave 2) might offer a good buying opportunity once confirmed completed.

In conclusion, ULTRATECH CEMENT is experiencing a corrective pullback (navy blue wave 2) within a larger bullish wave (gray wave 5). The market expects the next move to be navy blue wave 3, which should restore the upward momentum. Traders should closely monitor the key invalidation level at 10048; a breach would negate the current corrective outlook and hint at a stronger rally. Waiting for confirmation of the correction's end is advisable before expecting a new bullish impulse.

Ultratech Cement Elliott Wave technical analysis

Function: Bullish Trend.

Mode: Impulsive.

Structure: Gray Wave 5.

Position: Orange Wave 3.

Direction next higher degrees: Gray Wave 5.

Details: Gray wave 4 appears completed. Gray wave 3 is now active. Invalidation level: 10048.

The weekly Elliott Wave Analysis of ULTRATECH CEMENT reveals a bullish trend outlook. The stock shows impulsive upward momentum. The primary wave structure is identified as gray wave 5 within a broader bullish sequence, with the current position in orange wave 3. This setup points to a strong advancing phase, with gray wave 4 likely completed and gray wave 3 in progress.

The analysis suggests that the next higher degree move will be the continuation of gray wave 5, strengthening the bullish structure. The end of gray wave 4 marks the conclusion of the previous correction, and the market is now climbing with gray wave 3. Traders must monitor the invalidation level set at 10048. A decline to or below this point would negate the bullish wave count and could indicate a reversal or a deeper correction.

The impulsive mode of the trend indicates strong buying pressure. Orange wave 3 inside gray wave 5 suggests a vigorous advancing segment within the overall uptrend. Traders should seek confirmation of continued bullish momentum while staying alert to a breach of the 10048 level that would question the wave structure.

This weekly perspective highlights ULTRATECH CEMENT’s established bullish positioning. Gray wave 3 is expected to push prices higher as part of the broader gray wave 5 sequence. The invalidation level provides critical risk management guidance. Overall, upside potential remains intact unless the key support level breaks decisively. Traders should watch for signs of the gray wave 3 advance maturing while maintaining focus on the 10048 invalidation point.

Ultratech Cement – ULTRACEMCO 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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