DR. REDDY S LABORATORIES – DRREDDY Stocks Elliott Wave Technical Analysis

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DR REDDY S LABORATORIES – DRREDDY (1D Chart) Elliott Wave Technical Analysis

Function: Counter Trend (Minor degree, Grey) 

Mode: Corrective 

Structure: Zigzag/Flat unfolding 

Position: Impulse drop complete at Minuette Degree. Not labelled 

Details: A Minuette impulse wave looks complete within Minor Wave 4 Grey against 7110-20 mark. If correct, expect slight pullback higher before turning lower again.

Invalidation point: 7110-20

Dr Reddy s Laboratories Daily Chart Technical Analysis and potential Elliott Wave Counts:

Dr Reddy s Laboratories daily chart is indicative of a potential correction underway towards 5600 levels as Minor Wave 4 progresses. Minor Wave 3 Grey looks complete at 7110, which was registered on August 21, 2024. Ideally, a zigzag is underway against that high.

Dr Reddy s had registered a low around 2645 mark in March 2022, terminating Intermediate Wave (4) Orange. Since then, Intermediate Wave (5) is progressing and has completed Minor Waves 1 through 3. Minute Wave ((iii)) is extended as marked on the chart, terminating around 6500-10 zone.

If the above proposed count is correct, Minor Wave 4 might be progressing towards 5600-10 range, the previous 4th wave of a lesser degree against 7110. Alternatively Minute Wave ((v)) is still progressing higher within Minor Wave 3 and could push above 7110-20 mark.

 

DR REDDY S LABORATORIES – DRREDDY (4H Chart) Elliott Wave Technical Analysis

Function: Counter Trend (Minor degree, Grey) 

Mode: Corrective 

Structure: Zigzag/Flat unfolding 

Position: Impulse drop complete at Minuette Degree. Not labelled 

Details: A Minuette impulse wave looks complete within Minor Wave 4 Grey against 7110-20 mark. This could be Wave (a) of a potential Zigzag. If correct, expect slight pullback higher before turning lower again.

Invalidation point: 7110-20

Dr Reddy s Laboratories 4H Chart Technical Analysis and potential Elliott Wave Counts:

Dr Reddy s Laboratories 4H chart is highlighting he sub waves within Minute Wave ((v)) of Minor Wave 3 and further. The above could be seen as an impulse and complete around 7110-20. Thereafter, the drop towards 6490 looks an impulse at Minuette degree.

If correct, prices should ideally push higher from here towards 6790 to complete a correction, before turning lower again.

Conclusion:

Dr Reddy s Laboratories is progressing lower within a counter trend zigzag to terminate Minor Wave 4 Grey around 5600 levels. Once complete, the larger degree uptrend would resume higher towards 7110-20.

Technical Analyst : Harsh Japee

Source : Tradinglounge.com get trial here!

 

Edited September 20 by tradinglounge