COAL INDIA (1D Chart) Elliott Wave technical analysis
Function: Counter Trend Lower (Minor degree, Grey).
Mode: Corrective.
Structure: Potential flat.
Position: A-B-C Flat might be complete.
Details: A potential top is in place around 550, termination of Intermediate Wave (5) Orange. The stock has dropped towards 375 mark in three waves A-B-C. A short term rally is possible from current levels before the next leg lower resumes.
Invalidation point: 550.
COAL INDIA Daily Chart Technical Analysis and potential Elliott Wave Counts:
COAL INDIA daily chart is indicating a major top in place around the 550 mark. The stock has rallied from 208 lows in March 2023 through 550 high in August 2024 as an impulse wave, terminating Wave (5) Intermediate Orange.
Furthermore, prices have sharply reversed since 550 high and dropped through 375 lows carving an A-B-C flat corrective structure. If the above holds well, the stock should resume a corrective rally soon towards 430 levels at least.
COAL INDIA (four-hour chart) Elliott Wave technical analysis
Function: Counter Trend Lower (Minor degree, Grey).
Mode: Corrective.
Structure: Potential flat.
Position: A-B-C Flat might be complete.
Details: A potential top is in place around 550, termination of Intermediate Wave (5) Orange. The stock has dropped towards 375 mark in three waves A-B-C. Minor Wave C can be clearly subdivided into five waves. If correct, a short term rally is possible from current levels before the next leg lower resumes.
Invalidation point: 550.
COAL INDIA 4H Chart Technical Analysis and potential Elliott Wave Counts:
COAL INDIA 4H chart is highlighting the wave structure since the stock hit highs around 550 mark. The structure looks like a flat A-B-C (3-3-5), which is complete around 375 mark. If correct, bulls can be expected to be back from here soon.
Alternatively, if the drop continues from here, it could produce an extension or we might have to adjust counts as a potential impulse wave from 550 highs. Potential remains for a pullback from here at least, before the drop resumes.
Conclusion:
COAL INDIA is looking for a pullback rally from 375 lows, after having carved a Minor degree A-B-C flat from 550 highs.
Elliott Wave analyst: Harsh Japee.
COAL INDIA 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 turns lower below 1.0350 after German data
EUR/USD comes under mild selling pressure and eases below 1.0350 in the European session on Wednesday. The pair bears the brunt of an unexpected slowdown in the German manufacturing sector, as the nation's Retail Sales data fail to inspire the Euro. Focus shifts to US ADP data and Fed Minutes.
GBP/USD stays defensive below 1.2500 ahead of key US data, Fed Minutes
GBP/USD stays defensive below 1.2500 in the European trading hours on Wednesday, undermined by a risk-off market sentiment and elevated US Treasury bond yields on increased hawkish Fed bets. Traders look to US data, Fedspeak and FOMC Minutes for fresh trading impulse.
Gold price sticks to modest gains; upside seems limited ahead of FOMC Minutes
Gold price (XAU/USD) sticks to modest intraday gains through the first half of the European session on Wednesday, albeit it lacks bullish conviction and remains below the $2,665 resistance zone retested the previous day.
Bitcoin Price Forecast: BTC edges below $96,000, wiping over leveraged traders
Bitcoin's price continues to edge lower, trading below the $96,000 level on Wednesday after declining more than 5% the previous day. The recent price decline has triggered a wave of liquidations across the crypto market, resulting in $694.11 million in total liquidations in the last 24 hours.
Five fundamentals for the week: Nonfarm Payrolls to keep traders on edge in first full week of 2025 Premium
Did the US economy enjoy a strong finish to 2024? That is the question in the first full week of trading in 2025. The all-important NFP stand out, but a look at the Federal Reserve and the Chinese economy is also of interest.
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.