Axis Bank Ltd Elliott Wave technical analysis

  • Function: Counter Trend (Minor Degree, Grey Wave A Unfolding).

  • Mode: Corrective.

  • Structure: Potential Impulse within Larger Degree Correction.

  • Position: Minute Wave ((iii)) Navy.

  • Details: Minute Wave ((iii)) Navy is currently progressing towards the 900-920 range, with resistance set at 1290.

  • Invalidation Point: 1140 (Risk Tightened).

Daily chart analysis and potential Elliott Wave counts

The AXIS BANK daily chart suggests that a larger-degree corrective wave is currently unfolding after reaching the Intermediate Wave (5) Orange peak around 1340 in July 2024. The ongoing movement indicates a minor degree A-B-C corrective pattern, with Minor Wave A potentially forming an impulse.

Intermediate Wave (4) Orange was completed around the 620 level in June 2022. The subsequent rally can be clearly divided into five Minor Degree waves, labeled as Waves 1 through 5. If this wave count is correct, the market has established a major top at the 1340 mark.

Chart

Axis Bank Ltd Elliott Wave technical analysis

  • Function: Counter Trend (Minor Degree, Grey Wave A Unfolding).

  • Mode: Corrective.

  • Structure: Potential Impulse within Larger Degree Correction.

  • Position: Minute Wave ((iii)) Navy.

  • Details: Minute Wave ((iii)) Navy is currently progressing towards the 900-920 range, with resistance set at 1290. It is possible that the wave has terminated around the 930-935 level.

  • Invalidation point: 1140 (Risk Tightened).

Four-hour chart analysis and potential Elliott Wave counts

The AXIS BANK 4-hour chart highlights the sub-wave movements after reaching 1339 in July 2024. The unfolding impulse wave at the Minute Degree level shows:

  • Wave ((i)) completed at 1140.

  • Wave ((ii)) rallied towards 1280.

  • Wave ((iii)) has potentially ended around the 935 mark.

If this wave count is correct, prices may rise towards the 1030-1040 range to complete Wave ((iv)) before declining again to finalize the impulse structure. Ideally, prices should remain below the 1140 level.

Chart

Conclusion

AXIS BANK is expected to advance towards the 1140 mark to complete potential Minute Wave ((iv)), before resuming its downward trajectory.

Axis Bank Ltd Elliott Wave technical analysis [Video]

Share: Feed news

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


Recommended content

Editors’ Picks

NZD/USD turns positive above 0.5700 after RBNZ Orr's presser

NZD/USD turns positive above 0.5700 after RBNZ Orr's presser

NZD/USD returns to the green above 0.5700 early Wednesday. The RBNZ's expected 50 bps interest rate cut to 3.75% in February and signals on future rate cuts weighed on the Kiwi before the pair rebounded on Governor Orr's press conference. 

NZD/USD News
AUD/USD keeps range near 0.6350, Fed Minutes eyed

AUD/USD keeps range near 0.6350, Fed Minutes eyed

AUD/USD trades in a range around mid-0.6300s early Wednesday. The cautious market mood, the RBNZ dovish rate cut and Trump's tariff threat-led US Dollar upside remain a drag on the Aussie. Focus shifts to the Fed Minutes amid trade war fears. 

AUD/USD News
Gold price remains close to record high near $2,940 amid trade tensions

Gold price remains close to record high near $2,940 amid trade tensions

Gold price treads water near $2,940 in the Asian session on Wednesday, remaining near the record high as worries that Trump's reciprocal tariffs could trigger a global trade war continue to act as a tailwind for the safe-haven bullion. Fed Minutes is next on tap. 

Gold News
Bitcoin stretches losses as CME premiums dip, Strategy aims to purchase $2 billion worth of BTC

Bitcoin stretches losses as CME premiums dip, Strategy aims to purchase $2 billion worth of BTC

Bitcoin continued its downward trend on Tuesday as K33 Research's weekly report indicated growing declines in BTC CME premium and yields. Meanwhile, Strategy announced plans to issue $2 billion worth of senior convertible notes.

Read more
Rates down under

Rates down under

Today all Australian eyes were on the Reserve Bank of Australia, and rates were cut as expected. RBA Michele Bullock said higher interest rates had been working as expected, slowing economic activity and curbing inflation, but warned that Tuesday’s first rate cut since 2020 was not the start of a series of reductions.

Read more
The Best Brokers of the Year

The Best Brokers of the Year

SPONSORED Explore top-quality choices worldwide and locally. Compare key features like spreads, leverage, and platforms. Find the right broker for your needs, whether trading CFDs, Forex pairs like EUR/USD, or commodities like Gold.

Read More

Forex MAJORS

Cryptocurrencies

Signatures

Best Brokers of 2025