Sun Pharmaceuticals – SUNPHARMA Elliott Wave Analysis (1D Chart)

SUNPHARMA Elliott Wave Technical Analysis

Function: Larger Degree Trend Higher (Intermediate Degree orange)

Mode: Motive

Structure: Impulse

Position: Minute Wave ((v)) Navy

Details: Minute Wave ((v)) of Minor Wave 3 Grey may have completed around the 1950-75 range. Keep in mind, the 2000 level is acting as a significant resistance. Alternatively, Minor Waves 3, 4, and 5 might be complete, signaling the start of a larger corrective wave soon.

Invalidation Point: Risk tightened to 1830.

Sun Pharmaceuticals Daily Chart: Elliott Wave Counts and Technical Analysis

The daily chart suggests that Minor Wave 3 Grey could be completed around the 1975-80 zone or nearing completion. If this analysis is correct, expect Minor Wave 4 to unfold with a downward movement, targeting at least the 1380 level. Alternatively, if Minor Waves 3, 4, and 5 have already finished, the stock could be gearing up for a deeper correction.

The stock bottomed out around the 790 low in June 2022, marking the end of Intermediate Wave (4) Orange. Since then, the rally seems to have formed three waves, with Minor Wave 3 and Minute Wave ((iii)) showing an extension. Minute Wave ((iv)) of 3 completed near the 1380 level on June 10, 2024.

Minute Wave ((v)) of 3 has been progressing against the 1380 level and appears to have completed just below the 2000 mark. If these wave counts hold true, expect a corrective decline as Minor Wave 4 begins. We will update the alternate count based on upcoming price movements.

Sun-Pharmaceuticals-...


Sun Pharmaceuticals – SUNPHARMA Elliott Wave Analysis (4H Chart)

Function: Larger Degree Trend Higher (Intermediate Degree orange)

Mode: Motive

Structure: Impulse

Position: Minute Wave ((v)) Navy

Details: Minute Wave ((v)) of Minor Wave 3 Grey may have completed around the 1950-75 range. The 2000 mark continues to serve as a key resistance level. As an alternative, Minor Waves 3, 4, and 5 could be finished, as indicated on the daily chart, with a larger corrective wave possibly starting soon.

Invalidation Point: Risk tightened to 1830.

Sun Pharmaceuticals 4H Chart: Elliott Wave Counts and Technical Analysis

The 4H chart mainly highlights the sub-waves that have formed since Minute Wave ((iv)) of Minor Wave 3 concluded around the 1380 level. There is a strong possibility that Minor Wave 3 Grey has completed around the 1975-80 range, and bears could soon push the price lower.

Technical Analyst: Harsh Japee

Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here 

Previous: Power Grid Corp Elliott Wave Technical Analysis

VALUE Offer - Buy 1 Month & Get 3 Months!Click here

Access 7 Analysts Over 200 Markets Covered. Chat Room With Support

Sun-Pharmaceuticals-...


Conclusion:

Sun Pharmaceuticals may have finished Minor Wave 3 Grey with Intermediate Wave (5) Orange around the 1975-80 range. A corrective pullback is likely, with Minor Wave 4 potentially starting soon.

Related

Elliott Wave Analysis for NASDAQ Tech Stocks: Identifying Potential Bottoms and Long Trade Setups

Elliott Wave Analysis for NASDAQ Tech Stocks: Identifying Potential Bottoms and Long Trade Setups

The SP500 and NASDAQ have shown signs of a possible bottom following a recent correction. NVDA, amon...

Read More >
CAC 40 Elliott Wave Analysis: Bullish Trend, Market Forecast, and Technical Insights for Investors

CAC 40 Elliott Wave Analysis: Bullish Trend, Market Forecast, and Technical Insights for Investors

Elliott Wave analysis of the CAC 40 index, covering bullish trends, wave structures, and key technic...

Read More >
BEL Share Price Forecast Using Elliott Wave | Technical Analysis Reveals Bullish Trend and Trading Opportunities for Bharat Electronics

BEL Share Price Forecast Using Elliott Wave | Technical Analysis Reveals Bullish Trend and Trading Opportunities for Bharat Electronics

This technical analysis of Bharat Electronics uses Elliott Wave theory to forecast BEL’s share pric...

Read More >
Australian Dollar / Japanese Yen(AUDJPY) Elliott Wave Technical Analysis 4 December 23

Australian Dollar / Japanese Yen(AUDJPY) Elliott Wave Technical Analysis 4 December 23

Australian Dollar / Japanese Yen(AUDJPY) Elliott Wave Technical Analysis 4 December 23, focuses on t...

Read More >
Predicting the Breakout Direction: Gold (XAUUSD) Elliott Wave Technical Analysis

Predicting the Breakout Direction: Gold (XAUUSD) Elliott Wave Technical Analysis

while gold remains trapped in a range for now, the anticipation of a breakout looms large. With care...

Read More >
NIKKEI 225(N225) Indices Elliott Wave Technical Analysis: Breaks down both daily and weekly market movements

NIKKEI 225(N225) Indices Elliott Wave Technical Analysis: Breaks down both daily and weekly market movements

This detailed analysis of the NIKKEI 225 index through the lens of Elliott Wave theory breaks down b...

Read More >

$1 for 2 Weeks

then $29 a month!

What a Special Offer!

Trade Recommendations

Unleash the power of deversified trading with our comprehensive portfolio, covering 250+ markets:

  • Stock Trades
  • Crypto Trades
  • Forex Trades
  • Commodity Trades
Elliott Wave Analysis

Gain a competitive edge with expert insights and AI-powered Elliott Wave charting into:

  • Global Indices
  • US Stocks & ASX Stocks
  • Forex & Crypto
  • Commodities
Top-Notch Trading Tools

Equip yourself with the tools of success:

  • Real-time Chat rooms
  • Elliott Wave Algorithm
  • Portfolio tools
  • TradingLevels
  • Screener
  • Trading Game
7 Elliott Wave Analysts

Stay ahead of the market with daily charts and insightful videos
Your secret to strategic trading!

JOIN HERE


Welcome to TradingLounge (ASIC A.R.No. 321187), specialists in trades, trading education and technical analysis, covering stocks, indices, commodities, forex and cryptocurrencies.

When you join TradingLounge you have access to everything we offer, including trade tools, educational content and a social platform to chat with like-minded investors.

Read more

@Copyright 2024 by tradinglounge.com

Contact Us

Australian no: 02 4787 6020

International no: +61 (2) 47876020

Pay with:

Find us on