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Sun Pharmaceuticals Elliott Wave technical analysis [Video]

Peter Mathers TradingLounge

SUNPHARMA Elliott Wave technical analysis

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

Mode: Motive.

Structure: Impulse.

Position: Minute Wave ((v)) Navy.

Details: Minute Wave ((v)) of Minor Wave 3 Grey might be complete around 1950-75 range. Please note that 2000 mark is major resistance. Alternatively Minor Waves 3, 4 and 5 could be complete as marked, and a larger degree corrective wave could resume soon.

Invalidation point: 1830 risk tightened.

Sun Pharmaceuticals daily chart technical analysis and potential Elliott Wave counts

Sun Pharmaceuticals daily chart is suggesting Minor Wave 3 Grey might be complete around 1975-80 zone or near to completion. If correct, expect a turn lower to unfold Minor Wave 4 towards 1380 at least. Alternatively, Minor Waves 3, 4 and 5 are now complete and the stock is ready for a much deeper correction.

The stock bottomed around 790 low in June 2022, terminating Intermediate Wave (4) Orange. The rally since then has potentially sub divided into 3 waves with Minor Wave 3 and Minute Wave ((iii)) extended. Minute Wave ((iv)) of 3 terminated around 1380 on June 0, 2024.

Minute Wave ((v)) of 3 has been unfolding against 1380 mark and looks complete just below the 2000 mark. If the above proposed wave counts hold well, we should witness a corrective drop as Minor Wave 4 begins to unfold. We will highlight the alternate count with respect to price action going forward.

SUNPHARMA Elliott Wave technical analysis

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

Mode: Motive.

Structure: Impulse.

Position: Minute Wave ((v)) Navy.

Details: Minute Wave ((v)) of Minor Wave 3 Grey might be complete around 1950-75 range. Please note that 2000 mark is major resistance. Alternatively Minor Waves 3, 4 and 5 could be complete as marked on the daily chart, and a larger degree corrective wave could resume soon.

Invalidation point: 1830 risk tightened.

Sun Pharmaceuticals four-hour chart technical analysis and potential Elliott Wave counts

Sun Pharmaceuticals 4H chart primarily highlights the sub waves since Minute Wave ((iv)) of Minor Wave 3 terminated around 1380 mark. High probability remains that Minor Wave 3 Grey is complete around 1975-80 as bears prepare to drag lower soon.

Conclusion

Sun Pharmaceuticals has potentially terminated Minor Wave 3 Grey with Intermediate Wave (5) Orange around 1975-80. Watch out for a corrective drop as Minor Wave 4 should be underway soon.

SUNPHARMA 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.

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