HCL technologies: Elliott Wave technical analysis [Video]

Peter Mathers TradingLounge

HCL TECHNOLOGIES – HCLTECH (1D Chart) Elliott Wave / Technical Analysis:

Function: Larger Degree Trend Higher (Intermediate degree, orange)
Mode: Motive
Structure: Impulse
Position: Minute Wave ((iii)) Navy
Details: Minute Wave ((iii)) is progressing higher within Minor Wave 5 against 1480.

Invalidation point: 1480

Elliott Wave Analyst: Harsh Japee

HCL Technologies Daily Chart Technical Analysis and potential Elliott Wave Counts:

HCL Technologies daily chart indicates the stock is potentially progressing within Minor Wave 5 against 1230 levels in the medium term. The stock is progressing as an impulse and Minute Wave ((iii)) looks to be unfolding now.

The stock had bottomed through 880 mark in September 2022, terminating Intermediate Wave (4). The progression indicates a potential five wave rally unfolding since then. Minor Wave 4 completed at 1230 and the trend is up against the low.

Over the last week, the stock rallied over 100 points from 1560-70 through 1680 as projected. Over the next few days, prices are expected to gain momentum higher towards 1700-50 range against 1480 as marked on the chart here, Minute Wave ((i)) high.

HCL TECHNOLOGIES – HCLTECH (4H Chart) Elliott Wave / Technical Analysis:

Function: Larger Degree Trend Higher (Minute degree, Wave ((iii)) Grey)
Mode: Motive
Structure: Impulse
Position: Minute Wave ((iii)) Navy
Details: Minute Wave ((iii)) is progressing higher within Minor Wave 5 against 1480.

Invalidation point: 1480

HCL Technologies 4H Chart Technical Analysis and potential Elliott Wave Counts:

HCL Technologies 4H chart highlights the formation of Minor Wave 4 as a flat (3-3-5) between 1670-75 and 1230-40 low. Since then Minor Wave 5 could be progressing higher as a potential impulse, projected to rally well past the 1750 high going forward.

Also note that Minute Waves ((i)) and ((ii)) are complete around 1480 and 1420 levels. If the above holds well, prices would continue pushing higher and stay above 1480 to complete the proposed impulse wave. At the time of writing, Minute Wave ((iii)) could be underway.

Immediate price support comes in at 1537 and it could be Minuette Wave (ii) low. If correct, prices would stay above that as Minuette Wave (iii) continues to unfold.

Conclusion:

HCL Technologies looks poised to push through 1750 zone in the next few trading sessions as Minute Wave ((iii)) continues to unfold within Minor Wave 5 against 1230-40.

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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