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S&P BSE Sensex (India) Elliott Wave analysis – Day chart Trend analysis Function: Trend. Mode: Impulsive. Structure: Navy blue wave 3. Current position: Gray wave 5. Direction for next higher degrees: Continuation of navy blue wave 3. Detailed analysis The S&P BSE Sensex (India) day chart, analyzed using Elliott Wave Theory, indicates a trending market. Currently, the market is in an impulsive mode, signifying strong directional price movements rather than corrective or sideways movements. The primary structure under observation is the navy blue wave 3, part of an impulsive wave sequence. This phase is characterized by significant upward momentum, indicating a strong bullish trend. The market is presently in gray wave 5, typically the final wave in an impulsive sequence, suggesting an impending completion before a potential corrective phase. Looking at the next higher degrees, the analysis projects the continuation of navy blue wave 3. This continuation indicates that even after the completion of gray wave 5, the broader bullish trend symbolized by navy blue wave 3 is expected to persist. The detailed analysis notes that navy blue wave 2 of 5 appears complete, indicating that the market has concluded a corrective phase and is now entering the next impulsive phase, labeled as navy blue wave 3. This phase is anticipated to demonstrate strong upward price movements, furthering the overall bullish trend. A critical component of this analysis is the wave cancellation invalid level, set at 69732.12. This level serves as a key threshold; if the market falls below this point, the current wave analysis would be invalidated, necessitating a reassessment of the wave structure. Summary The day chart analysis of the S&P BSE Sensex indicates the market is in an impulsive phase, specifically within navy blue wave 3, following the completion of navy blue wave 2 of 5. The ongoing momentum in navy blue wave 3…

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Filed under: News - @ July 24, 2024 10:08 am