The post ITC LTD Elliott Wave technical analysis [Video] appeared on BitcoinEthereumNews.com.

ITC LTD – ITC (1D chart) Elliott Wave technical analysis Function: Counter Trend (Minor degree, Grey). Mode: Corrective. Structure: Impulse within larger degree corrective wave. Position: Lower degree impulse might be complete. Not labelled yet. Details: We have proposed a potential change in the trend as price action confirms a break below 480 last week. A lower (Minute) degree impulse wave might be complete but not labelled yet. Will highlight an alternate count when price action is relevant. Invalidation point: 530. ITC Daily Chart Technical Analysis and potential Elliott Wave Counts: ITC daily chart is indicating a potential termination of Intermediate Wave (5) Orange at 530 high. If correct, a corrective wave should be now underway with prices dropping through 400 levels in the past few trading sessions. Alternatively, Minor Wave 4 of (5) is now complete around 470 mark. The stock had dropped through 135 lows around March 2020, which is followed by a religious rally through 530 high completing an impulse at Intermediate degree. Please also note that Minor Wave 3 of Intermediate Wave (3) was extended. Intermediate Wave (4) terminated around 400 mark, followed by a rally through 530 to terminate Intermediate Wave (5). If the above holds well, ITC should be well underway lower to produce a larger degree corrective drop. ITC LTD – ITC (4H chart) Elliott Wave technical analysis Function: Counter Trend (Minor degree, Grey). Mode: Corrective. Structure: Impulse within larger degree corrective wave. Position: Lower degree impulse might be complete. Details: We have proposed a potential change in the trend as price action confirms a break below 480 last week. A lower (Minute) degree impulse wave might be complete but not labelled yet. Alternatively, the high registered at 530 could be Minor Wave 3 followed by Wave 4 around 470. If the alternate turns true, the…

---

Filed under: News - @ November 6, 2024 12:23 pm