WIPRO daily chart is indicating a progressive rally to continue higher as Minor Wave 3 of Intermediate Wave (5) continues to unfold against 420 low. Bulls are expected to remain in control as Minute Wave ((iii)) Navy is potentially extending.

The stock earlier terminated Intermediate Wave (3) around 780 mark in October 2021, followed by a zigzag corrective drop through 350 levels in April 2023; marked as Intermediate Wave (4). Since then, bulls have remained in control as Intermediate Wave (5) continues to unfold.

Minor Wave 1 Grey within Intermediate Wave (5) Orange was a potential impulse followed by a combination to terminate Minor Wave 2 Grey around 375 mark. If the above is correct, the stock is now progressing higher as Minor Wave 3 unfolds.

WIPRO – WIPRO (4H 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)) Navy progressing higher within Minor Wave 3 Grey of Intermediate Wave (5) Orange against 420. Also note that Minute Wave ((iii)) could be extending as Minuette Waves (i) and (ii) Orange might be in place with (iii) in progress.

Invalidation point: 420.

WIPRO 4H Chart Technical Analysis and potential Elliott Wave Counts:

WIPRO 4H chart is highlighting the sub waves after Minor Wave 2 Grey completed around 380 mark in October 2023. Minute Wave ((i)) extended through 545-50 range, while Minute Wave ((ii)) terminated around 420. Minute Wave ((iii)) is now progressing and could be extending against 420 mark.

Conclusion:

WIPRO is progressing higher within Minute Wave ((iii)) of Minor Wave 3 of Intermediate Wave (5) Orange against 420 mark.

Elliott Wave analyst: Harsh Japee.

WIPRO – WIPRO 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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