GTPL HATHWAY LTD. Technical Outlook with Elliott waves

30 giu

The chart provided utilizes Elliott Wave Theory to analyze the price movements of GTPL HATHWAY LTD. Below is a breakdown of the wave counts and their significance:

Primary Wave Count Labelled in Black
Wave ((1)) in Black (Primary Degree):
- This initial wave is marked from the low in March-2020 to the high Oct-2021.
- It represents the first major upward movement after a prolonged downtrend, indicating a new bullish cycle.

Wave ((2)) in Black (Primary Degree):
- This corrective wave follows Wave ((1)), retracing a portion of the gains made in Wave ((1)).
- It is marked from the high Oct-2021 to the low March-2022.
- Wave ((2)) is typically characterized by a three-wave structure (ABC correction), although it appears to have a complex structure in this case.

Wave ((3)) in Black (Primary Degree):
- The current wave, which is expected to be the most powerful and extended wave.
- It is divided into five smaller waves (1)-(2)-(3)-(4)-(5) within it, in Blue (Intermediate Degree).

Intermediate and Minor Degree Waves
Wave (1) of ((3)) (Intermediate Degree):
- This wave is a smaller degree wave within the primary Wave ((3)).
- It starts from the low of Wave ((2)) and moves up, completing its cycle around the first quarter of 2023.

Wave (2) of ((3)) (Intermediate Degree):
- A corrective wave within the primary Wave ((3)), following the high of Wave (1).
- It retraces some of the gains made in Wave (1).

Wave (3) of ((3)) (Intermediate Degree):
- This wave is in progress and is expected to unfold into five smaller waves (i, ii, iii, iv, v).

Subdivisions as Minor Degree in Red within Intermediate Waves
Wave 1 of (3) (Minor Degree):
- The first sub-wave of the intermediate Wave (3), indicating a small upward movement.

Wave 2 of (3) (Minor Degree):
- A corrective sub-wave following Wave 1, resulting in a minor pullback.

Wave 3 of (3) (Minor Degree):
- Expected to be the most extended and powerful sub-wave within the intermediate Wave (3).
- This wave is likely to push the price significantly higher, followed by wave 4 & wave 5 to finish Wave (3).

Bullish Scenario and Price Targets
Target for Wave 3 (Primary Degree):
- The projected target for Wave 3 is around the 1.618 Fibonacci extension level, which is 353.

Key Levels
- Invalidation Level: 155
- This level serves as a crucial point. If the price drops below 155, it invalidates the current wave count and the bullish scenario for now.

MACD Trend Indicator:
- Already running positive in both Monthly and Daily timeframes.
- Turned upside in Weekly timeframe and is on the verge of a positive crossover.

Trendline Breakout:
A trendline breakout has been observed on the Weekly timeframe.

Moving Averages:
The price has closed above the 50EMA, 100EMA, and 200EMA in both Weekly and Monthly timeframes.

Bullish Divergences:
Bullish divergences are aligned on both Weekly and Daily timeframes.

Support and Resistance:
The price is taking support at the 20SMA mid Bollinger Band in the Monthly timeframe.
The stock is attempting to close above the Weekly 20 SMA, which has not been achieved yet.

Conclusion
The detailed wave count analysis suggests that "GTPL HATHWAY LTD" is currently in the early stages of a primary Wave 3, which is typically the strongest and most extended wave in Elliott Wave Theory. The intermediate and minor degree waves within this primary wave indicate a structured and progressive upward movement, supported by various technical indicators. The primary target is set at 353, with an invalidation level at 155. If the price breaks below the invalidation level of 155, it indicates that we are still in Wave (2) of the Blue Intermediate Degree. Consequently, we would need to wait for the start of Wave 1 of (3). In this scenario, the new invalidation level would be 93.75.

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RK💕

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