COAL INDIA LTD – COALINDIA (One-hour chart) Elliott Wave technical analysis
Function: Counter Trend Lower (Minor degree, Grey).
Mode: Corrective.
Structure: Potential impulse within larger degree correction.
Position: Lower degree Wave ((iv)). Not labelled on daily chart.
Details: As discussed earlier, the alternative count might have turned the preferred one with potential top in place around 550, termination of Intermediate Wave (5) Orange. If correct, near term target could be 460.
Invalidation point: 550.
COAL INDIA Daily Chart Technical Analysis and potential Elliott Wave Counts:
COAL INDIA daily chart might be changing its overall trend with potential top in place at 550, Intermediate Wave (5) Orange marked on the chart today. Prices could be heading towards 460 levels near term to complete the impulse at Minor Degree.
COAL INDIA hit 206 low in March 2023 and since then the stock has progressed higher sub dividing into Intermediate Waves (1) through (5) Orange. The high registered around 545-550 range could be Wave (5) Orange with prices reversing sharply lower thereafter.
If the above is correct, bears could continue to remain in control holding prices below 550 and drag towards 460 mark before giving up. Only a break above 550 ideally changes the structure for now.
COAL INDIA LTD – COALINDIA (Four-hour chart) Elliott Wave technical analysis
Function: Counter Trend Lower (Minor degree, Grey).
Mode: Corrective.
Structure: Potential impulse within larger degree correction.
Position: Lower degree Wave ((iv)). Not labelled on daily chart.
Details: As discussed earlier, the alternative count might have turned the preferred one with potential top in place around 550, termination of Intermediate Wave (5) Orange. If correct, near term target could be 460. Alternatively, 550 high could be Minor Wave 1 Grey of Intermediate Wave (5) Orange. In that case, the stock should stay above 413.
Invalidation point: 550.
COAL INDIA 4H Chart Technical Analysis and potential Elliott Wave Counts:
COAL INDIA 4H structure has been adjusted from last week, indicating termination of Intermediate Wave (5) Orange around 550 mark. The sub waves since 550 have been marked as Minor Waves 1 through 4 Grey on the chart today.
If correct, the stock should witness another near term low around 460 levels in the next few trading sessions. Alternatively, the 550 high is just Minor Wave 1 of Intermediate Wave (5) and the recent drop is an expanded flat correction to terminate Minor Wave 2 Grey.
Conclusion:
COAL INDIA might have turned bearish against 550 high. Prices are now unfolding with the first impulse drop at Minor degree towards 460 at least.
Elliott Wave analyst: Harsh Japee.
COAL INDIA LTD – COALINDIA (1D chart) 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 extends recovery beyond 1.0400 amid Wall Street's turnaround
EUR/USD extends its recovery beyond 1.0400, helped by the better performance of Wall Street and softer-than-anticipated United States PCE inflation. Profit-taking ahead of the winter holidays also takes its toll.
GBP/USD nears 1.2600 on renewed USD weakness
GBP/USD extends its rebound from multi-month lows and approaches 1.2600. The US Dollar stays on the back foot after softer-than-expected PCE inflation data, helping the pair edge higher. Nevertheless, GBP/USD remains on track to end the week in negative territory.
Gold rises above $2,620 as US yields edge lower
Gold extends its daily rebound and trades above $2,620 on Friday. The benchmark 10-year US Treasury bond yield declines toward 4.5% following the PCE inflation data for November, helping XAU/USD stretch higher in the American session.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Bank of England stays on hold, but a dovish front is building
Bank of England rates were maintained at 4.75% today, in line with expectations. However, the 6-3 vote split sent a moderately dovish signal to markets, prompting some dovish repricing and a weaker pound. We remain more dovish than market pricing for 2025.
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.