GRASIM INDUSTRIES – GRASIM (1D Chart) Elliott Wave / Technical Analysis
GRASIM INDUSTRIES Elliott Wave Technical Analysis
Function: Larger Degree Trend Higher (Intermediate Degree, Orange, Wave (5))
Mode: Motive
Structure: Impulse
Position: Minute Wave ((ii)) Navy
Details: Minute Wave ((iii)) Navy of Minor Wave 5 Grey is advancing within Intermediate Wave (5) Orange, targeting levels above 2180. Alternatively, Wave (5) Orange may have completed above 2900.
Invalidation Point: 2180
Grasim Industries Daily Chart Technical Analysis and Potential Elliott Wave Counts
Grasim Industries' daily chart suggests a continuation of the larger uptrend, with Minor Wave 5 Grey unfolding as an impulse wave against the 2180 mark. Minute Wave ((iii)) is expected to resume upward momentum following the bottoming of Wave ((ii)) near the 2500 level.
Intermediate Wave (4) concluded around the 1270 mark in June 2022. Since then, Minor Waves 1, 3, and 4 appear complete, with prices now advancing within Minor Wave 5 Grey, aiming to terminate Intermediate Wave (5).
Alternatively, Minor Wave 5 might have already completed around the 2900 mark, indicating a potential bearish scenario with a break below 2180 confirming this outlook. Immediate support is observed around the 2500 level.
GRASIM INDUSTRIES – GRASIM (4H Chart) Elliott Wave / Technical Analysis
Function: Larger Degree Trend Higher (Intermediate Degree, Orange, Wave (5))
Mode: Motive
Structure: Impulse
Position: Minute Wave ((ii)) Navy
Details: Minute Wave ((iii)) Navy of Minor Wave 5 Grey is advancing within Minor Wave 5 Grey of Intermediate Wave (5) Orange, targeting levels above 2180. Alternatively, Wave (5) Orange may have completed above 2900.
Invalidation Point: 2180
Grasim Industries 4H Chart Technical Analysis and Potential Elliott Wave Counts
The 4H chart for Grasim Industries reveals sub-waves following the termination of Minor Wave 4 around the 2180 mark. The stock is progressing within Minute Wave ((iii)) against the 2500 mark in the near term. Notably, Minute Wave ((ii)) concluded around the Fibonacci 0.50 level of Wave ((i)).
Further analysis of the sub-waves suggests that Minute Wave ((i)) formed an impulse between the 2180 and 2860 levels. Minute Wave ((ii)), potentially an expanded flat, seems to have terminated near the 2500 level. If this scenario holds, Grasim Industries should continue its upward trajectory with prices staying above 2500 broadly.
Conclusion:
Grasim Industries is advancing within Minute Wave ((iii)) of Minor Wave 5 Grey, positioned within Intermediate Wave (5), targeting levels above 2180.
Technical Analyst: Harsh Japee
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