Cipla Elliott Wave technical analysis [Video]

CIPLA Elliott Wave technical analysis

• Function: Counter Trend (Minor Degree Grey).

• Mode: Corrective.

• Structure: Impulse within a larger degree Corrective Structure.

• Position: Minor Wave 3 Grey.

Details:

A larger degree correction may be underway, with Minor Wave 1 completed around the 1400 mark, while Minor Wave 2 appears complete around 1620-1630. Currently, Wave 3 may be in progress against the 1705 level. Ideally, prices should remain below the Wave 2 high near 1600.

• Invalidation point: 1705.

CIPLA Industries daily chart technical analysis and Elliott Wave counts

The CIPLA daily chart suggests that a major top was established at 1705, registered in October 2024. Since then, the stock has reversed lower, breaking immediate support at 1470. The trend may have shifted, indicating a potential impulsive structure at Minor Degree.

Previously, the stock dropped to 850 in March 2023, marking Intermediate Wave (4) Orange. An impulse rally followed, pushing prices up to 1750, before bearish momentum returned. If this analysis is accurate, CIPLA may continue to move lower as Minor Wave 3 unfolds.

CIPLA Elliott Wave technical analysis

• Function: Counter Trend (Minor Degree Grey).

• Mode: Corrective.

• Structure: Impulse within a larger degree Corrective Structure.

• Position: Minor Wave 3 Grey.

Details:

A larger degree correction may be in progress. Minor Wave 1 was completed around 1400, while Minor Wave 2 appears complete around 1620-1630. Currently, Wave 3 seems to be developing against 1705, with prices expected to remain below the 1600 level.

Additionally, Wave 3 is subdividing into Minute Waves ((i)) and ((ii)), which were observed around 1365 and 1500, while Minute Wave ((iii)) resumes downward.

• Invalidation point: 1705.

CIPLA four-hour chart technical analysis and Elliott Wave counts

The CIPLA 4H chart highlights the development of sub-waves following the 1705 high recorded on October 09, 2024. The stock appears to be forming an impulsive wave at Minor Degree, marking Waves 1 and 2, while Wave 3 progresses downward against 1616.

Additionally, Minor Wave 3 is subdividing into five waves at a Minute Degree:

• Minute Wave (i) terminated around 1375.

• Minute Wave ((ii)) terminated around 1500, with an alternative termination scenario at 1540.

If this structure holds, Minute Wave ((iii)) could now be unfolding against the 1616 mark.

Conclusion

CIPLA appears to be progressing lower within Minute Wave ((iii)) of Minor Wave 3, against the 1616 high. Traders should monitor price action for further confirmation of wave developments and potential entry or exit points based on this Elliott Wave structure.

Cipla Elliott Wave technical analysis [Video]