The post Indraprastha Gas Ltd (IGL): Bullish Elliott Wave outlook appeared on BitcoinEthereumNews.com.

Indraprastha Gas Ltd (IGL) Shows a Promising Elliott Wave Setup, Indicating a Strong Bullish Trend with Clear Invalidation Levels Indraprastha Gas Ltd (IGL) displays a promising long-term bullish setup from an Elliott Wave perspective. The price action shows a clear impulsive structure over the years, supported by corrective phases that align with Elliott Wave principles. Below is an analysis of the chart to provide clarity on the current and future trajectory. Primary Elliott Wave analysis IGL has been progressing in a five-wave primary cycle since its inception. The initial cycle marked as Wave I concluded near 2010, followed by a corrective Wave II. This Wave II was a complex correction, setting the foundation for an explosive Wave III. True to Elliott Wave theory, Wave III extended significantly, demonstrating strong momentum and breaking to higher levels. Wave IV then followed, forming a corrective phase with more subdued price action. This was consistent with the guideline that fourth waves often form sideways or complex corrections compared to the sharper Wave II. Finally, Wave V completed the larger primary impulse cycle, pushing IGL to a significant high. Current structure and outlook The recent correction appears to be part of a larger degree Wave (IV), completing a flat correction labeled as a-b-c. Wave c of (IV) terminated near a critical support level at INR 151.88 within the blue box and found buyers in that area. A strong upward reaction from this zone signals the beginning of Wave (V). Wave (V) is expected to unfold impulsively, targeting new all-time highs. The bullish structure remains valid as long as the price stays above the invalidation level. Early signs of Wave ((1)) within (V) are emerging, confirming the resumption of the uptrend. We prefer trading in the direction of the green Right Side tags, aligning with the higher-degree bullish…

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Filed under: News - @ February 18, 2025 1:24 pm