LARSEN & TOUBRO – LT (1D Chart) Elliott Wave Technical AnalysisFunction: Counter Trend (Intermediate degree, orange)Mode: CorrectiveStructure: Impulse, within larger degree Wave (A)Position: Minor Wave 3 GreyDetails: Minor Wave 3 Grey is now progressing lower against 3930 and it could be extending.Invalidation point: 3930Larsen & Toubro Daily Chart Technical Analysis and potential Elliott Wave Counts:Larsen & Toubro daily chart is indicating that larger degree trend higher is complete around 3930 high and prices have potentially reversed lower. A Minor degree corrective structure might be unfolding against 3930 and only a break higher would nullify.Earlier, the stock terminated Intermediate Wave (4) Orange around 1475 lows in January 2022. The religious rally thereafter can be sub divided into five waves Minor Wave 1 through 5 through 3930 mark. Also note Wave 2 was sharp, while Wave 4 turned out to be a combination.Ideally, a counter trend is now unfolding against 3930 high as bears prepare to remain in control, going forward.LARSEN & TOUBRO – LT (4H Chart) Elliott Wave Technical AnalysisFunction: Counter Trend (Intermediate degree, orange)Mode: CorrectiveStructure: Impulse, within larger degree Wave (A)Position: Minor Wave 3 GreyDetails: Minor Wave 3 Grey is now progressing lower against 3930 and it could be extending. A break below 3270 will accelerate further.Invalidation point: 3930Larsen & Toubro 4H Chart Technical Analysis and potential Elliott Wave Counts:Larsen & Toubro 4H chart highlights the sub waves since termination of Minor Wave 3 Grey around 3740-45 range. Please note that Minor Wave 4 unfolded as a combination ((w))-((x))-((y)), terminating around 3230 mark.Minor Wave 5 Grey was an impulse rallying through 3930 mark before prices reversed sharply to break below 3230, marked as Minor Wave 1 Grey. Wave 2 could be labelled as flat terminating around 3845 mark. If the above holds, Wave 3 is now underway against 3845 high.Conclusion:Larsen & Toubro is progressing lower towards 3150 mark at least, in the near term. Ideally, prices should stay below 3930 high to keep the bearish structure intact.Elliott Wave Analyst: Harsh JapeeMore By This Author:
Elliott Wave Technical Analysis – Larsen & Toubro
