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

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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.

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