Hindalco Industries daily chart indicates the stock is potentially pushing higher to terminate Minor Wave 5 Grey and subsequently Intermediate Wave (5) Orange above 720 mark. Alternatively, Wave 5 completed truncated around 715.

The stock has been rallying within Intermediate Wave (5) Orange since June 2022, after printing lows around 310, Wave (4) termination. Minor Waves 1 through 3 look complete with third of third wave extended.

Minor Wave 4 terminated as a flat just above 595 mark and the final wave is progressing higher now. If the above proposed structure is correct, prices should stay above 595 and continue pushing higher, going forward. A break lower would suggest re-look at the counts.

Hindalco Industries Elliott Wave technical analysis

Function: Larger Degree Trend Higher (Intermediate degree, orange.).

Mode: Motive.

Structure: Impulse.

Position: Minor Wave 5 Grey.

Details: Minor Wave 5 Grey progressing higher within Intermediate Wave (5) against 595. Alternatively, Wave 5 terminated around 715, truncated.

Invalidation point: 595-600.

Hindalco Industries four-hour chart technical analysis and potential Elliott Wave counts

Hindalco Industries 4H chart highlights sub waves within Minute Wave ((v)) of Minor Wave 3 Grey and further. Minor Wave 4 Grey could be marked as a running flat complete above 600 mark. If correct, Minor Wave 5 is underway with Minute Waves ((i)) and ((ii)) potentially complete.

Conclusion

Hindalco Industries is progressing higher within Minute Wave ((iii)) of Minor Wave 5 Grey against 595 mark.

Hindalco Industries 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.

EUR/USD holds firm near 1.1850 amid USD weakness

EUR/USD remains strongly bid around 1.1850 in European trading on Monday. The USD/JPY slide-led broad US Dollar weakness helps the pair build on Friday's recovery ahead of the Eurozone Sentix Investor Confidence data for February.

GBP/USD hovers near 1.3600 as UK government crisis weighs on Pound Sterling

GBP/USD moves sideways after registering modest gains in the previous session, trading around 1.3610 during the European hours on Monday. The pair could come under pressure as the Pound Sterling may weaken amid a fresh government crisis in the United Kingdom.

Gold remains supported by China's buying and USD weakness as traders eye US data

Gold struggles to capitalize on its intraday move up and remains below the $5,100 mark heading into the European session amid mixed cues. Data released over the weekend showed that the People's Bank of China extended its buying spree for a 15th month in January. Moreover, dovish US Fed expectations and concerns about the central bank's independence drag the US Dollar lower for the second straight day, providing an additional boost to the non-yielding yellow metal.

Cardano steadies as whale selling caps recovery

Cardano (ADA) steadies at $0.27 at the time of writing on Monday after slipping more than 5% in the previous week. On-chain data indicate a bearish trend, with certain whales offloading ADA. However, the technical outlook suggests bearish momentum is weakening, raising the possibility of a short-term relief rebound if buying interest picks up.

Japanese PM Takaichi nabs unprecedented victory – US data eyed this week

I do not think I would be exaggerating to say that Japanese Prime Minister Sanae Takaichi’s snap general election gamble paid off over the weekend – and then some. This secured the Liberal Democratic Party (LDP) an unprecedented mandate just three months into her tenure.

Bitcoin, Ethereum and Ripple consolidate after massive sell-off

Bitcoin, Ethereum, and Ripple prices consolidated on Monday after correcting by nearly 9%, 8%, and 10% in the previous week, respectively. BTC is hovering around $70,000, while ETH and XRP are facing rejection at key levels. Traders should be cautious: despite recent stabilization, upside recovery for these top three cryptocurrencies is capped as the broader trend remains bearish.