HINDALCO INDUSTRIES – HINDALCO (1D Chart) Elliott Wave Technical AnalysisFunction: Larger Degree Trend Higher (Intermediate degree, orange.)
Mode: Motive
Structure: Impulse
Position: Minor Wave 5 Grey
Details: Minor Wave 5 Grey progressing higher within Intermediate Wave (5) against 595. No change. Invalidation point: 595-600Hindalco Industries Daily Chart Technical Analysis and potential Elliott Wave Counts: Hindalco Industries daily chart indicates the stock is potentially pushing higher to terminate Minor Wave 5 Grey and subsequently Intermediate Wave (5) Orange above 720 mark. Alternatively, Wave 5 completed truncated around 715. The stock has been rallying within Intermediate Wave (5) Orange since June 2022, after printing lows around 310, Wave (4) termination. Minor Waves 1 through 3 look complete with third of third wave extended. Minor Wave 4 terminated as a flat just above 595 mark and the final wave is progressing higher now. If the above proposed structure is correct, prices should stay above 595 and continue pushing higher, going forward. A break lower would suggest re-look at the counts.(Click on image to enlarge)HINDALCO INDUSTRIES – HINDALCO (4H Chart) Elliott Wave / Technical Analysis: Function: Larger Degree Trend Higher (Intermediate degree, orange.)
Mode: Motive
Structure: Impulse
Position: Minor Wave 5 Grey
Details: Minor Wave 5 Grey progressing higher within Intermediate Wave (5) against 595. Alternatively, Wave 5 terminated around 715, truncated. Invalidation point: 595-600Hindalco Industries 4H Chart Technical Analysis and potential Elliott Wave Counts: Hindalco Industries 4H chart highlights sub waves within Minute Wave ((v)) of Minor Wave 3 Grey and further. Minor Wave 4 Grey could be marked as a running flat complete above 600 mark. If correct, Minor Wave 5 is underway with Minute Waves ((i)) and ((ii)) potentially complete.(Click on image to enlarge)Conclusion: Hindalco Industries is progressing higher within Minute Wave ((iii)) of Minor Wave 5 Grey against 595 mark.Elliott Wave Analyst: Harsh JapeeSource : Tradinglounge.com get trial here!More By This Author:
Hindalco Industries – Hindalco Stocks Elliott Wave Technical Analysis
