Apollo Tyres: Navigating the Waves

Welcome to RK_Chaarts.

Today, we're analysing the daily time frame chart of Apollo Tyres from Elliott waves perspective. Here, we can clearly see that the intermediate-degree Wave (3) (blue) formed a high around ₹555 in February 2024. After that, an A-B-C corrective pattern unfolded in a 3-3-5 expanded flat structure, which is Wave (4) blue intermediate-degree. We can say that Wave (4) possibly ended at the March 2025 low around ₹370.

Now, we're possibly unfolding Wave (5) in blue of the intermediate degree, which will have five sub-divisions: of minor-degree Waves 1-5 (red). Possibly, Wave 1 (red) has ended, and Wave 2 (red) is currently unfolding. After Wave 2 ends, the price may reverse upwards, forming Wave 3, followed by Wave 4's retracement and then Wave 5's high.

Where can be next possible reversal
On the weekly timeframe, the price is moving within the upper Bollinger Band zone. The weekly 20-Weekly simple moving average (or 20-week simple moving average), which is the mid-Bollinger Band, is around ₹440-₹437. It's possible that Wave 2 will find support around this level and then reverse upward.

Invalidation level
Note that Wave 2 cannot retreat more than 100% of Wave 1, according to wave theory principles. The low of ₹371, where Wave 1 began, is the invalidation level. If the price breaks below this level, it may trigger an invalidation, and we might be looking at a double correction or a double three structure instead.

Projected Targets
However, if the invalidation level holds, the upward movement will likely continue. The projected target for Wave 5 could be around ₹555-₹603, based on the ratio analysis of Waves (3) and (4).

Important Notes

- Breaking below the invalidation level would require re-evaluation of the wave count.
- Sustaining above the invalidation level increases confidence in the projected target.

Let's see how the market unfolds. This entire study is shared solely for educational purposes. Thank you so much.

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My studies are for educational purpose only.
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RK💕

Disclaimer and Risk Warning.

The analysis and discussion provided on in.tradingview.com/u/RK_Chaarts/ is intended for educational purposes only and should not be relied upon for trading decisions. RK_Chaarts is not an investment adviser and the information provided here should not be taken as professional investment advice. Before buying or selling any investments, securities, or precious metals, it is recommended that you conduct your own due diligence. RK_Chaarts does not share in your profits and will not take responsibility for any losses you may incur. So Please Consult your financial advisor before trading or investing.