Glenmark Pharma (NSE: GLENMARK) – Professional Chart Analysis, Price Path & Trading Advice (educational)
Market structure and thesis
The chart shows a completed impulsive advance into Wave 3, followed by a corrective a‑b‑c decline progressing into the Wave‑4 completion zone 1,698–1,921 that overlaps with a deeper Wave‑C completion band 1,728–1,774. This clustering of supports, plus a prior change‑of‑character (ChoCH) earlier in the cycle, suggests the correction is maturing and a new advancing leg is probable if price holds above the invalidation.
Candles in the box are showing decelerating downside and overlapping ranges, consistent with late‑stage corrective behavior; a higher low inside 1,74x–1,82x followed by a break of recent swing supply would confirm a trend inflection toward Wave‑5 projections.
Key levels to watch
Demand zones: 1,728–1,774 (C completion), 1,698–1,921 (Wave‑4 box).
Trigger levels: Reclaim and daily close above 1,880–1,900 improves odds; a stronger confirmation is a close above 1,940–1,960 (box top/supply shelf).
Invalidation: Day close below ~1,691 cancels the bullish swing setup and opens risk to lower retracements.
Price movement prediction
Base case (probability favored): Stabilization above 1,74x–1,82x → break and hold above 1,900 → push to Short‑Term T1 ≈ 2,053, then Short‑Term T2 ≈ 2,187 as supply pockets get cleared. Sustained momentum and broader sector tailwinds can extend toward a mid‑term Wave‑5 objective 2,345–2,410.
Alternate (bearish): Failure to hold 1,74x–1,80x with a daily close below 1,691 shifts bias to distribution; expect a slide to prior swing supports before a fresh base is attempted. In this path, avoid bottom‑fishing and wait for a new ChoCH and higher‑low structure.
Trade plan ideas
Market structure and thesis
The chart shows a completed impulsive advance into Wave 3, followed by a corrective a‑b‑c decline progressing into the Wave‑4 completion zone 1,698–1,921 that overlaps with a deeper Wave‑C completion band 1,728–1,774. This clustering of supports, plus a prior change‑of‑character (ChoCH) earlier in the cycle, suggests the correction is maturing and a new advancing leg is probable if price holds above the invalidation.
Candles in the box are showing decelerating downside and overlapping ranges, consistent with late‑stage corrective behavior; a higher low inside 1,74x–1,82x followed by a break of recent swing supply would confirm a trend inflection toward Wave‑5 projections.
Key levels to watch
Demand zones: 1,728–1,774 (C completion), 1,698–1,921 (Wave‑4 box).
Trigger levels: Reclaim and daily close above 1,880–1,900 improves odds; a stronger confirmation is a close above 1,940–1,960 (box top/supply shelf).
Invalidation: Day close below ~1,691 cancels the bullish swing setup and opens risk to lower retracements.
Price movement prediction
Base case (probability favored): Stabilization above 1,74x–1,82x → break and hold above 1,900 → push to Short‑Term T1 ≈ 2,053, then Short‑Term T2 ≈ 2,187 as supply pockets get cleared. Sustained momentum and broader sector tailwinds can extend toward a mid‑term Wave‑5 objective 2,345–2,410.
Alternate (bearish): Failure to hold 1,74x–1,80x with a daily close below 1,691 shifts bias to distribution; expect a slide to prior swing supports before a fresh base is attempted. In this path, avoid bottom‑fishing and wait for a new ChoCH and higher‑low structure.
Trade plan ideas
- Accumulate in parts: Stagger entries 1,74x–1,82x with a core risk defined by a day‑close stop below 1,691.
Confirmation add: Add on daily close above 1,900–1,920 and again above 1,940–1,960 if volume expands.
Profit taking: Scale 30–40% near 2,05x, another tranche around 2,18x; trail the remainder with a daily/weekly higher‑low stop for a potential run toward 2,35x–2,41x.
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Logic and validation checklist
Confluence: Wave‑4 price box overlaps Wave‑C termination band → strong probability of correction end if defended.
Structure: Need a higher low plus break/retest of 1,90x–1,96x to confirm demand dominance.
Momentum: Look for improving RSI/MACD and rising green‑day volume on pushes through supply.
Disclaimer: This post is for education only and not investment advice or a solicitation to buy/sell securities; I am not a SEBI registered analyst.
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.