ITC - Upward Leading Diagonal

7 mag

It seems ITC has probably formed a base after consuming a good demand zone on 75 Mins TF and as per Dow Theory model, making higher lows and higher highs. As per my primary rationale of Elliott Wave analysis, it is forming a leading diagonal structure for Wave 1 on 75 Mins TF chart as shown hereby. We can confirm this once it consumes some demand at Wave 2 downwards and makes higher highs rally to initiate Wave 3. In case, it doesn't come to Wave 2 at around 420-425, then we may look for how price action and Elliott Wave Model plays out once it crosses 450 upwards breaking a good supply zone of 440-448. If it breaks Gann Square of 9 number - 463 upwards, then it will be confirmed that upward impulse wave has started yet again and may try to establish All-time highs again. But let's go step by step and see how the model and market sentiments work out/align beautifully in future.

Take this as education post for Elliott Wave structure model and play around/perform exercises from your side too on various time frames.

13 mag

Nota

As mentioned in main post, ITC seems to have now formed 2nd wave on 75 Mins TF by consuming demand at 426. Now let's wait for 431-441 range consolidation to break above and then follow price action to understand that the wave is indeed an impulse one or not.

Stay tuned!

20 ott

Ordine annullato

Canceling/closing this trade as of now, as the spot price did make wave 2 albeit at around 413ish. However, is this price movement upwards an impulsive one or is it part of correction upwards? The way price has moved in last few days upwards "may" signify impulsive one. Will create a new trade idea for this accordingly once I get good confirmation.