IRCTC - Potential Bullish ReversalIRCTC - Potential Bullish Reversal with Elliott Wave Setup
Key Levels and Zones :
Current Price: ₹777.25 (-₹3.15, -0.40%)
Support and Buying Zones:
Wave C Completion Zone: ₹762.00 - ₹788.00
Extended Retracement Zone (Liquidity): Below ₹762.00
Target Zone: ₹978 - ₹1,008
Stop Loss: ₹728.80
Chart Analysis :
Wave Patterns: The daily chart illustrates an Elliott Wave correction pattern with the following structure:
Wave A: Initial decline signaling a bearish move.
Wave B: Temporary corrective upward move.
Wave C: Indicates a potential bullish reversal in the zone ₹762.00 - ₹788.00.
Change of Character (CHoCH): ₹815.75 acts as a key level for a potential sentiment shift if broken.
Support and Resistance Levels:
Support: Green zone (₹762.00 - ₹788.00).
Resistance: Descending trendline and target zone (₹978 - ₹1,008).
Trade Plan :
Entry Point:
Long positions can be initiated within the Wave C completion zone (₹762.00 - ₹788.00).
Targets:
Primary Target Zone: ₹978 - ₹1,008.
Stop Loss: ₹728.80 to mitigate downside risk.
Conclusion :
IRCTC’s daily chart reveals critical support and resistance levels, presenting traders with a structured trading opportunity based on Elliott Wave theory. By closely monitoring the Wave C completion zone and CHoCH level, traders can position themselves for potential bullish momentum with a favorable risk-reward ratio.
Disclaimer: This analysis is for educational purposes only and does not constitute financial advice. Always perform your analysis or consult a financial advisor before making investment decisions.
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