Adani Enterprises Ltd Elliott Wave technical analysis
Function: Counter Trend (Intermediate degree, orange).
Mode: Corrective.
Structure: Flat (3-3-5).
Position: Minor Wave 2 Grey within Wave (C) Orange.
Details: The larger degree impulse Wave ((5)) looks complete. The stock is likely correcting as a flat since then. Wave (A) and (B) look complete and (C) could be underway now. Furthermore, Minor Waves 1 and 2 Grey also look complete. If correct, Wave 3 should be underway lower from here.
Invalidation point: 4230-40.
Adani Enterprises Daily Chart Technical Analysis and potential Elliott Wave Counts:
Adani Enterprises Daily chart indicates a larger degree uptrend potentially complete around 4225 or near to complete. The stock has been marked with Primary Wave ((5)) complete around 4225. Furthermore, an intermediate corrective Wave (A)-(B)-(C) could be underway against 4225.
The stock peaked in December 2023 at 4225, which was followed by a sharp drop through 1019 levels potentially marking intermediate Wave (A) of the larger correction. Wave (B) has unfolded as a flat (3-3-5) looking complete around 3750-80 in June 2024.
If the above potential wave counts hold well, the stock could be heading lower from here as intermediate Wave (C) begins to unfold. Alternatively, if prices push higher through 3750 mark, it imply that Intermediate Wave (5) is still unfolding and could print above 4225.
Adani Enterprises four-hour chart Technical Analysis and potential Elliott Wave counts:
Adani Enterprises 4H chart highlights price action through 3750-80 zone, potential Wave (B) termination and thereafter. The stock is trading around 3121 at the time of writing, just below Minor Wave 2. If correct, prices should turn sharply lower as Wave 3 begins to unfold.
The stock has rallied for the past 15 months to unfold Intermediate Wave (B) around 3750. The structure has unfolded as a flat with Wave C unfolding as an impulse. Furthermore, prices dropped through 2775 on June 04, marked as Minor Wave 1 here.
Minor Wave 2 potentially unfolded as a contracting triangle and terminated around 3240-50 zone. If the above holds, prices would ideally stay below 3240-50 and turn lower towards as Wave 3 begins to unfold. Alternatively, the drop through 2775 could be Minute Wave ((iv)) and Wave ((v)) is progressing higher.
Conclusion
Adani Enterprises is potentially set for a larger degree (Intermediate) corrective Wave (A)-(B)-(C) Orange, against 4225 broadly.
Adani Enterprises Ltd Elliott Wave technical analysis [Video]
As with any investment opportunity there is a risk of making losses on investments that Trading Lounge expresses opinions on.
Historical results are no guarantee of future returns. Some investments are inherently riskier than others. At worst, you could lose your entire investment. TradingLounge™ uses a range of technical analysis tools, software and basic fundamental analysis as well as economic forecasts aimed at minimizing the potential for loss.
The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership has been prepared without considering your objectives, financial situation or needs. Reliance on such advice, information or data is at your own risk. The decision to trade and the method of trading is for you alone to decide. This information is of a general nature only, so you should, before acting upon any of the information or advice provided by us, consider the appropriateness of the advice considering your own objectives, financial situation or needs. Therefore, you should consult your financial advisor or accountant to determine whether trading in securities and derivatives products is appropriate for you considering your financial circumstances.
Recommended content
Editors’ Picks
EUR/USD stays vulnerable near 1.0600 ahead of US inflation data
EUR/USD remains under pressure near 1.0600 in European trading on Wednesday. The pair faces headwinds from the recent US Dollar upsurge, Germany's political instability and a cautiou market mood, as traders look to US CPI data and Fedspeak for fresh directives.
GBP/USD trades with caution near 1.2750, awaits BoE Mann, US CPI
GBP/USD trades with caution near 1.2750 in the European session on Wednesday, holding its losing streak. Traders turn risk-averse and refrain from placing fresh bets on the pair ahead of BoE policymaker Mann's speech and US CPI data.
Gold price trims a part of modest recovery, focus remains on US CPI
Gold price (XAU/USD) trims a part of modest intraday recovery gains, albeit it manages to hold above the $2,600 mark heading into the European session on Wednesday. Traders now look forward to the crucial US consumer inflation figures for a fresh impetus.
US CPI data preview: Inflation expected to rebound for first time in seven months
The US Consumer Price Index is set to rise 2.6% YoY in October, faster than September’s 2.4% increase. Annual core CPI inflation is expected to remain at 3.3% in October. The inflation data could significantly impact the market’s pricing of the Fed’s interest rate outlook and the US Dollar value.
Five fundamentals: Fallout from the US election, inflation, and a timely speech from Powell stand out Premium
What a week – the US election lived up to their hype, at least when it comes to market volatility. There is no time to rest, with politics, geopolitics, and economic data promising more volatility ahead.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.