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By tradinglounge · Posted
ITC LTD – ITC (1D Chart) Elliott Wave Technical Analysis Function: Counter Trend (Minor degree, Grey) Mode: Corrective Structure: Impulse within larger degree corrective wave Position: Lower degree impulse might be complete. Not labelled yet. Details: We have proposed a potential change in the trend as price action confirms a break below 480 last week. A lower (Minute) degree impulse wave might be complete but not labelled yet. Will highlight an alternate count when price action is relevant. Invalidation point: 530 ITC Daily Chart Technical Analysis and potential Elliott Wave Counts: ITC daily chart is indicating a potential termination of Intermediate Wave (5) Orange at 530 high. If correct, a corrective wave should be now underway with prices dropping through 400 levels in the past few trading sessions. Alternatively, Minor Wave 4 of (5) is now complete around 470 mark. The stock had dropped through 135 lows around March 2020, which is followed by a religious rally through 530 high completing an impulse at Intermediate degree. Please also note that Minor Wave 3 of Intermediate Wave (3) was extended. Intermediate Wave (4) terminated around 400 mark, followed by a rally through 530 to terminate Intermediate Wave (5). If the above holds well, ITC should be well underway lower to produce a larger degree corrective drop. ITC LTD – ITC (4H Chart) Elliott Wave Technical Analysis Function: Counter Trend (Minor degree, Grey) Mode: Corrective Structure: Impulse within larger degree corrective wave Position: Lower degree impulse might be complete. Details: We have proposed a potential change in the trend as price action confirms a break below 480 last week. A lower (Minute) degree impulse wave might be complete but not labelled yet. Alternatively, the high registered at 530 could be Minor Wave 3 followed by Wave 4 around 470. If the alternate turns true, the stock could witness another high above 530 going forward. Invalidation point: 530 ITC 4H Chart Technical Analysis and potential Elliott Wave Counts: ITC 4H chart reveals sub waves since Intermediate Wave (4) Orange termination around 400-05 mark. Intermediate Wave (5) could be sub divided into Minor Waves 1 through 5 to terminate around 530 level. Alternatively, Minor Wave 4 is no complete around 470 and prices could produce another rally above 530 mark. Conclusion: ITC might have terminated Intermediate Wave (5) Orange around 530 mark and a larger degree corrective wave is now underway. Elliott Wave Analyst: Harsh Japee Source : Tradinglounge.com get trial here! -
By tradinglounge · Posted
Gold Elliott Wave Analysis It appears the current Gold pullback is completed and the commodity could be set to continue the all-time bullish trend to a fresh record high. From the Elliott wave theory perspective, Gold is expected to rally further to 2800 and beyond before the next pullback starts. Daily Chart Analysis On the daily chart, Gold completed the cycle degree wave II in October 2023 at 1810. Thus, the current bullish cycle can be traced to that date. Currently, the price is in wave ((iii)) of 5 of (3) of ((3)) of III. This indicates that Gold still has the potential to rally another 30-50% from the current price. Thus, buyers should be interested in buying pullbacks. H4 Chart Analysis On the H4 chart, the price is in wave (iv) of ((iii)) which appears to have finished or may do a double zigzag if the current bounce from 2701 is corrective. A zigzag structure has been completed and the next price action will determine whether recovery for wave (v) of ((iii)) will happen or wave (iv) will drop lower in a double zigzag structure. Whichever is the case, Gold is expected to continue to the upside to complete wave ((iii)) before the next pullback in ((iv)) starts. Technical Analyst : Sanmi Adeagbo Source : Ttadinglounge.com get trial here! -
By tradinglounge · Posted
ETN Elliott Wave Analysis Trading Lounge Eaton Corp PLC, (ETN) Daily Chart ETN Elliott Wave Technical Analysis FUNCTION: Trend MODE: Impulsive STRUCTURE: Motive POSITION: Minor DIRECTION: Upside within {v} of 5. DETAILS: We are looking for at least one more leg higher in wave (v) of {v} of 5 to then end a larger uptrend. Ideally the top of MG2 at around 380$ could provide resistance. Eaton Corp PLC, (ETN) 1H Chart ETN Elliott Wave Technical Analysis FUNCTION: Trend MODE: Impulsive STRUCTURE: Motive POSITION: Wave iii of (v). DIRECTION: Upside in wave (v). DETAILS: Looking at a three wave move in what appears to be wave (iv) which also found support on top of the parallel trend channel. AS we are trading above MG1, we could expect 350 to be the next target. This analysis focuses on the current trend structure of Eaton Corp PLC, (ETN) utilizing the Elliott Wave Theory on both the daily and 1-hour charts. Below is a breakdown of the stock's position and potential future movements. * ETN Elliott Wave Technical Analysis – Daily Chart* The daily chart indicates that Eaton is in the final stages of Minor wave 5, specifically in wave (v) of {v}. This suggests that at least one more leg higher is expected to complete the overall uptrend. The next significant resistance is projected to be around the Trading Level MG2, close to $380, where we could see a potential top form before a larger correction. * ETN Elliott Wave Technical Analysis – 1H Chart* On the 1-hour chart, ETN is in the process of completing wave iii of (v). The market appears to be working through wave (iv), which has shown a three-wave corrective structure and found support along a parallel trend channel. As long as the price holds above Trading Level MG1, the next target to the upside is $350, as wave (v) continues to push higher. Technical Analyst : Alessio Barretta Source : Tradinglounge.com get trial here!
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