Nestle India stocks Elliott Wave technical analysis [Video]

NESTLE INDIA – NESTLEIND (1D chart) Elliott Wave technical analysis

Function: Counter Trend (Minute degree, Navy)

Mode: Corrective

Structure: Potential impulse within larger degree corrective wave

Position: Minute Wave ((i)) Navy

Details: Minute Wave ((ii)) is progressing higher towards 2500 levels, before prices turn lower again. Alternatively, the structure could be an expanded flat to terminate Minor Wave 4 within the larger degree trend higher.

Invalidation point: 2785.

NESTLE INDIA Daily Chart Technical Analysis and potential Elliott Wave Counts:

NESTLE INDIA daily chart indicates a potential double top around 2785 as the stock reversed sharply lower through 2185 mark recently. The drop is either initial impulse drop of a larger degree correction or part of an expanded flat to terminate Minor Wave 4.

Either way, the price action suggests a potential rally from current levels towards 2450, to terminate Minute Wave ((ii)) before turning lower again. The 2785 resistance remains key for bears to remain in control.

NESTLEIND (four-hour chart) Elliott Wave technical analysis

Function: Counter Trend (Minute degree, Navy).

Mode: Corrective.

Structure: Potential impulse within larger degree corrective wave.

Position: Minute Wave ((i)) Navy.

Details: Minute Wave ((ii)) is progressing higher towards 2500 levels, before prices turn lower again. Alternatively, the structure could be an expanded flat to terminate Minor Wave 4 within the larger degree trend higher.

Invalidation point: 2785.

NESTLE INDIA 4H Chart Technical Analysis and potential Elliott Wave Counts:

NESTLE INDIA 4H chart is highlighting its sub-waves after Minor Wave 4 termination around 2325 mark. The rally through Wave 5 could not be clearly sub divided as an impulse but for the high probability wave count e have considered termination around 2782, a potential double top scenario.

The subsequent drop through 2215 mark looks impulsive, marked as Minute Wave ((i)). An expanded flat Wave ((ii)) is probably underway through 2440-50 zone before prices turn lower again. Alternatively, the entire drop from 2785 is a corrective expanded flat terminating Minor Wave 4 Grey around 2185 mark.

Conclusion:

NESTLE INDIA is progressing to unfold Minute Wave ((ii)) towards 2440-50, within a larger degree impulse wave lower.

Elliott Wave analyst: Harsh Japee.

NESTLEIND Elliott Wave technical analysis [Video]