Apollo Hospitals - Elliott Wave Analysis Apollo Hospitals - Elliott Wave Analysis (4H Timeframe) 📉
🔍 Key Observations :
1️⃣ The Stock Has Completed a Wave 3 Top and Is Currently in a Corrective Wave 4
In Elliott Wave Theory, Wave 3 is usually the strongest and most extended impulse wave in a five-wave structure.
The chart indicates that Apollo Hospitals reached a peak, marking the end of Wave 3 (labeled as (3) in black).
Following the completion of Wave 3, a corrective Wave 4 is now in progress, as expected in a typical five-wave sequence (1-2-3-4-5).
Wave 4 corrections tend to be complex and can take various forms, such as zigzags, flats, or triangles.
2️⃣ The Corrective Structure Appears to Be Unfolding in an ABC Pattern
Within Wave 4, the correction seems to be forming a standard ABC corrective structure, where:
Wave A represents the initial downward move.
Wave B is a counter-trend rally (temporary bounce).
Wave C is expected to complete the correction with another downward move.
The chart suggests that Wave A and Wave B have already been formed, and Wave C is now developing, likely moving towards lower levels.
Wave B can sometimes exceed Wave A in some cases (irregular flat), but in this case, it looks like a regular zigzag correction.
3️⃣ Important Fibonacci Levels Suggest Potential Targets Around ₹6,500 and ₹4,925
Fibonacci retracement and extension levels help in identifying potential support and resistance zones.
If Wave C follows the standard structure, a move towards these levels could be expected before a potential Wave 5 rally begins.
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