Adani Enterprises LTD – Adanient (1D Chart) Elliott Wave technical analysis
Function: Counter Trend (Minor degree, Grey).
Mode: Corrective.
Structure: Flat (3-3-5).
Position: Minute Wave ((ii)) Navy.
Details: The larger degree impulse Wave (5) looks complete. Minor Wave A-B-C seem to be underway with A and B in place, against 3750. Further, Minute Waves ((i)) and ((ii)) Navy of Wave C Grey are also in place and Wave ((iii)) might be underway now. Ideally, prices should stay below 3200.
Invalidation point: 3750.
ADANI Enterprises Daily Chart Technical Analysis and potential Elliott Wave Counts:
ADANI Enterprises daily chart is suggesting a counter trend lower might be underway at Minor degree against 3740-50. As per the proposed wave counts, Intermediate Wave (5) Orange was complete around 4200 mark in December 2022.
Since then, a larger degree corrective wave A-B-C might be underway. Minor Wave A was sharp to decline towards 1010-20 range in February 2023. Minor Wave B rallied through 3740-50 range subdividing into Minute Waves ((a))-((b))-((c)).
If the above structure holds well, prices would stay below 3740-50, Minor Wave B termination; as bears continue to unfold Minute Wave ((iii)) if Minor Wave C.
Adani Enterprises LTD – Adanient (4H chart) Elliott Wave technical analysis
Function: Counter Trend (Minor degree, Grey).
Mode: Corrective.
Structure: Flat (3-3-5).
Position: Minute Wave ((ii)) Navy.
Details: The larger degree impulse Wave (5) looks complete. Minor Wave A-B-C seem to be underway with A and B in place, against 3750. Further, Minute Waves ((i)) and ((ii)) Navy of Wave C Grey are also in place and Wave ((iii)) might be underway now. Also note, Minuette waves (i) and (ii) Orange are potentially complete. If correct, Minuette (iii) of Minute (((iii)) should be underway. Ideally, prices should stay below 3200.
Invalidation point: 3750.
ADANI Enterprises 4H Chart Technical Analysis and potential Elliott Wave Counts:
ADANI Enterprises 4H chart reveals sub waves since Minor Wave B completed around 3740-50 zone. Price action indicate Minute Waves ((i)) and ((ii)) are in place around 2740 and 3220 levels respectively. If the above holds, Minute Wave ((iii)) is underway and potentially extending.
Conclusion
ADANI Enterprises is ideally progressing lower within Minute Wave ((iii)) Navy of Minor Wave C Grey against 3740-50 zone.
Elliott Wave analyst: Harsh Japee.
Adani Enterprises LTD – Adanient Elliott Wave technical analysis
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