✅ Elliott Wave Count (Verified & Explained)
The chart presents a classic 5-wave impulsive Elliott Wave structure:
Wave 1: Initial rally, confirmed by a clear breakout.
Wave 2: Deep retracement to ~0.786 Fib (around ₹106.95) — valid corrective wave.
Wave 3: Strong rally to ₹318.15 — the longest wave, typical of Wave 3.
Wave 4: Corrective phase, consolidating sideways (drawn in a yellow box) — does not overlap Wave 1 top, which confirms its validity.
Wave 5 (projected): A potential rally to ₹337+, indicated by the orange trendline and Fibonacci projections.
🔍 Fibonacci Levels (Correctly Plotted)
0.618 Retracement from Wave 2 low to Wave 3 top aligns well at ₹137.69 (respected during pullback).
1.618 Extension of Wave 1 from Wave 2 gives ₹248.88, and 100% extension at ₹318.15 (already hit by Wave 3).
Final Wave 5 Target projected near ₹337.15.
📊 Technical Indicators (RSI + Volume)
RSI (14): Currently at 49.30, slightly bearish-neutral. The RSI-MA is at 53.99, suggesting minor divergence or consolidation.
Volume: Lower than peak Wave 3 volume, but not dried up — indicating consolidation or accumulation during current phase.
⚠️ Observations / Mistakes
✅ Elliott Wave Count is technically valid — follows rules (Wave 3 not the shortest, Wave 4 doesn't enter Wave 1 zone).
✅ Fibonacci levels are accurate and meaningful.
⚠️ Wave 5 projection line is hypothetical; current price action still hasn’t broken above consolidation zone (~₹180–200). A confirmed breakout with volume is needed.
🧾 Summary (For TradingView Description)
PTC India Ltd – Weekly Elliott Wave + Fibonacci Analysis
A textbook 5-wave Elliott impulse is unfolding. Wave 4 appears completed after a long consolidation.
Wave 5 targets ₹337, with intermediate resistances near ₹248 and ₹318 based on Fibonacci projections.
RSI is neutral but showing signs of recovery; a break above ₹200 with volume can trigger Wave 5.
Investors can watch for breakout confirmation with stop-loss below Wave 4 low (~₹130).
🔸 Bias: Moderately Bullish (awaiting breakout confirmation)
🔸 Invalidation: Below ₹130 (Wave 4 low)
The chart presents a classic 5-wave impulsive Elliott Wave structure:
Wave 1: Initial rally, confirmed by a clear breakout.
Wave 2: Deep retracement to ~0.786 Fib (around ₹106.95) — valid corrective wave.
Wave 3: Strong rally to ₹318.15 — the longest wave, typical of Wave 3.
Wave 4: Corrective phase, consolidating sideways (drawn in a yellow box) — does not overlap Wave 1 top, which confirms its validity.
Wave 5 (projected): A potential rally to ₹337+, indicated by the orange trendline and Fibonacci projections.
🔍 Fibonacci Levels (Correctly Plotted)
0.618 Retracement from Wave 2 low to Wave 3 top aligns well at ₹137.69 (respected during pullback).
1.618 Extension of Wave 1 from Wave 2 gives ₹248.88, and 100% extension at ₹318.15 (already hit by Wave 3).
Final Wave 5 Target projected near ₹337.15.
📊 Technical Indicators (RSI + Volume)
RSI (14): Currently at 49.30, slightly bearish-neutral. The RSI-MA is at 53.99, suggesting minor divergence or consolidation.
Volume: Lower than peak Wave 3 volume, but not dried up — indicating consolidation or accumulation during current phase.
⚠️ Observations / Mistakes
✅ Elliott Wave Count is technically valid — follows rules (Wave 3 not the shortest, Wave 4 doesn't enter Wave 1 zone).
✅ Fibonacci levels are accurate and meaningful.
⚠️ Wave 5 projection line is hypothetical; current price action still hasn’t broken above consolidation zone (~₹180–200). A confirmed breakout with volume is needed.
🧾 Summary (For TradingView Description)
PTC India Ltd – Weekly Elliott Wave + Fibonacci Analysis
A textbook 5-wave Elliott impulse is unfolding. Wave 4 appears completed after a long consolidation.
Wave 5 targets ₹337, with intermediate resistances near ₹248 and ₹318 based on Fibonacci projections.
RSI is neutral but showing signs of recovery; a break above ₹200 with volume can trigger Wave 5.
Investors can watch for breakout confirmation with stop-loss below Wave 4 low (~₹130).
🔸 Bias: Moderately Bullish (awaiting breakout confirmation)
🔸 Invalidation: Below ₹130 (Wave 4 low)
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.