NSE ASIANPAINTS - At the Edge of Kinfe

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Timeframe: Daily

NSE ASIAN PAINTS has been undergoing a corrective phase for about 80 weeks, with its price confined within a range of 3329 – 2938, excluding excesses. The ADX indicator has declined to 21, while the average true range (ATR) stands at 43. Presently, the price has breached the 20-day exponential moving average (EMA) and is trading below the 50, 100, and 200 EMAs.

According to the wave principle, the price has formed a corrective formation A-B-C. Wave (B) occurred at 3422.9, and wave (C) has taken place. Wave (C) has already reached 100% of wave (A), indicating equality between wave (A) and wave (C). Sub-wave 4 of wave (C) is expected to occur, followed by wave 5 of wave (C). A buying opportunity may arise if the price breaks above the wave A – C line and maintains levels above 2931. Targets for the Long position would be 3026 – 3152 – 3285+.

We Will update further information soon.
Trade closed: target reached
Second target reached! Waiting for the final TP
ASIANPAINTasianpaintselliottwaveprojectionElliott WaveTechnical AnalysisTrend Analysis

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