✅ Elliott Wave Count (Verified & Explained)
The chart presents a classic 5-wave impulsive Elliott Wave structure:
Wave 1: Initial rally, confirmed by a clear breakout.
Wave 2: Deep retracement to ~0.786 Fib (around ₹106.95) — valid corrective wave.
Wave 3: Strong rally to ₹318.15 — the longest wave, typical of Wave 3.
Wave 4: Corrective phase, consolidating sideways (drawn in a yellow box) — does not overlap Wave 1 top, which confirms its validity.
Wave 5 (projected): A potential rally to ₹337+, indicated by the orange trendline and Fibonacci projections.
🔍 Fibonacci Levels (Correctly Plotted)
0.618 Retracement from Wave 2 low to Wave 3 top aligns well at ₹137.69 (respected during pullback).
1.618 Extension of Wave 1 from Wave 2 gives ₹248.88, and 100% extension at ₹318.15 (already hit by Wave 3).
Final Wave 5 Target projected near ₹337.15.
📊 Technical Indicators (RSI + Volume)
RSI (14): Currently at 49.30, slightly bearish-neutral. The RSI-MA is at 53.99, suggesting minor divergence or consolidation.
Volume: Lower than peak Wave 3 volume, but not dried up — indicating consolidation or accumulation during current phase.
⚠️ Observations / Mistakes
✅ Elliott Wave Count is technically valid — follows rules (Wave 3 not the shortest, Wave 4 doesn't enter Wave 1 zone).
✅ Fibonacci levels are accurate and meaningful.
⚠️ Wave 5 projection line is hypothetical; current price action still hasn’t broken above consolidation zone (~₹180–200). A confirmed breakout with volume is needed.
🧾 Summary (For TradingView Description)
PTC India Ltd – Weekly Elliott Wave + Fibonacci Analysis
A textbook 5-wave Elliott impulse is unfolding. Wave 4 appears completed after a long consolidation.
Wave 5 targets ₹337, with intermediate resistances near ₹248 and ₹318 based on Fibonacci projections.
RSI is neutral but showing signs of recovery; a break above ₹200 with volume can trigger Wave 5.
Investors can watch for breakout confirmation with stop-loss below Wave 4 low (~₹130).
🔸 Bias: Moderately Bullish (awaiting breakout confirmation)
🔸 Invalidation: Below ₹130 (Wave 4 low)
The chart presents a classic 5-wave impulsive Elliott Wave structure:
Wave 1: Initial rally, confirmed by a clear breakout.
Wave 2: Deep retracement to ~0.786 Fib (around ₹106.95) — valid corrective wave.
Wave 3: Strong rally to ₹318.15 — the longest wave, typical of Wave 3.
Wave 4: Corrective phase, consolidating sideways (drawn in a yellow box) — does not overlap Wave 1 top, which confirms its validity.
Wave 5 (projected): A potential rally to ₹337+, indicated by the orange trendline and Fibonacci projections.
🔍 Fibonacci Levels (Correctly Plotted)
0.618 Retracement from Wave 2 low to Wave 3 top aligns well at ₹137.69 (respected during pullback).
1.618 Extension of Wave 1 from Wave 2 gives ₹248.88, and 100% extension at ₹318.15 (already hit by Wave 3).
Final Wave 5 Target projected near ₹337.15.
📊 Technical Indicators (RSI + Volume)
RSI (14): Currently at 49.30, slightly bearish-neutral. The RSI-MA is at 53.99, suggesting minor divergence or consolidation.
Volume: Lower than peak Wave 3 volume, but not dried up — indicating consolidation or accumulation during current phase.
⚠️ Observations / Mistakes
✅ Elliott Wave Count is technically valid — follows rules (Wave 3 not the shortest, Wave 4 doesn't enter Wave 1 zone).
✅ Fibonacci levels are accurate and meaningful.
⚠️ Wave 5 projection line is hypothetical; current price action still hasn’t broken above consolidation zone (~₹180–200). A confirmed breakout with volume is needed.
🧾 Summary (For TradingView Description)
PTC India Ltd – Weekly Elliott Wave + Fibonacci Analysis
A textbook 5-wave Elliott impulse is unfolding. Wave 4 appears completed after a long consolidation.
Wave 5 targets ₹337, with intermediate resistances near ₹248 and ₹318 based on Fibonacci projections.
RSI is neutral but showing signs of recovery; a break above ₹200 with volume can trigger Wave 5.
Investors can watch for breakout confirmation with stop-loss below Wave 4 low (~₹130).
🔸 Bias: Moderately Bullish (awaiting breakout confirmation)
🔸 Invalidation: Below ₹130 (Wave 4 low)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.