TASI Index Elliott Wave Technical Analysis

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TASI Index Elliott Wave Analysis Trading Lounge Day Chart
TASI Index Elliott Wave Technical Analysis

Function: Counter Trend
Mode: Corrective
Structure: Gray Wave 2
Position: Orange Wave 3
Direction (Next Higher Degrees): Gray Wave 3
Details: Gray wave 1 completed, gray wave 2 is currently in play and nearing its end.
Wave Cancel Invalid Level: 11320.635

The TASI Index Elliott Wave analysis on the day chart highlights a counter trend movement within a corrective phase. The current wave structure being analyzed is gray wave 2, following the completion of gray wave 1. According to the analysis, gray wave 2 is in progress and is expected to end soon, indicating that the corrective phase is approaching its conclusion.

The mode of this analysis is corrective, signifying that the market is experiencing a pullback or consolidation following the impulsive movement of gray wave 1. The anticipated next move in the higher degree is gray wave 3, which would signal a transition from the current corrective trend to a new impulsive upward movement. This implies that, once gray wave 2 completes, the market might enter a more bullish phase with the beginning of gray wave 3.

The wave cancel invalid level is set at 11320.635, meaning that if the price exceeds this level, the current wave count would be invalidated, and the analysis would need adjustment. As of now, the analysis indicates that the corrective phase is nearing its end, and a potential reversal or continuation of the trend might occur shortly.

In summary, the TASI Index is in a corrective phase, with gray wave 2 progressing and expected to conclude soon. Following this, the market may shift toward a more bullish trend with gray wave 3. However, the current wave count remains valid as long as the price stays below 11320.635.

 

TASI Index Elliott Wave Analysis Trading Lounge Weekly Chart
TASI Index Elliott Wave Technical Analysis

Function: Bullish Trend
Mode: Impulsive
Structure: Orange Wave 3 (Started)
Position: Navy Blue Wave 3
Direction (Next Lower Degrees): Orange Wave 4
Details: Orange wave 2 completed, orange wave 3 is currently in play.
Wave Cancel Invalid Level: 11320.635

The TASI Index Elliott Wave analysis on the weekly chart shows a bullish trend with an impulsive movement. The wave structure currently under focus is orange wave 3, which has started following the completion of orange wave 2. The market is positioned in navy blue wave 3, which is part of the broader orange wave 3 structure.

This analysis suggests that the market is continuing its upward momentum, confirming a strong bullish trend. Orange wave 3 is expected to continue pushing the market higher, in line with the impulsive nature of this phase. Once orange wave 3 concludes, the next phase, orange wave 4, will start, signifying a corrective phase. For now, however, the bullish trend remains intact as the market progresses within orange wave 3.

The next lower degree wave, orange wave 4, is expected to follow the completion of the current impulsive phase, leading to a corrective movement. However, as long as the market is within orange wave 3, the bullish outlook is expected to persist.

The wave cancel invalid level is set at 11320.635. If the price falls to this level, the current wave count would be invalidated, requiring a revision of the analysis. However, as long as the price stays above this level, the existing wave structure holds, and the bullish trend is likely to continue.

In summary, the TASI Index is experiencing a bullish trend, with orange wave 3 in progress after the completion of orange wave 2. The market is expected to maintain its upward movement, and the current analysis remains valid as long as the price does not fall below 11320.635. Once the impulsive phase concludes, orange wave 4 will begin, initiating a corrective phase.

Technical Analyst : Malik Awais

Source : Tradinglounge.com get trial here!