Axis Bank Ltd Elliott Wave technical analysis [Video]

Peter Mathers TradingLounge

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.

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.

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]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

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