GRASIM INDUSTRIES – GRASIM (1D Chart) Elliott Wave Technical Analysis
GRASIM Elliott Wave Technical Analysis
Function: Larger Degree Trend: Higher (Intermediate Degree, Orange – Wave (5))
Mode: Motive
Structure: Impulse
Position: Minute Wave ((iii)) Navy
Details:
- Minute Wave ((iii)) Navy of Minor Wave 5 Grey is moving higher within Intermediate Wave (5) Orange, maintaining support at 2490.
- Alternatively, Intermediate Wave (5) Orange could already be complete above 2900.
- Invalidation Point: 2490
Grasim Industries Daily Chart: Elliott Wave Analysis & Key Levels
- The daily chart suggests an active rally, with Minute Wave ((iii)) Navy unfolding within Minor Wave 5 Grey, all moving upward within Intermediate Wave (5) Orange. Key support lies at 2490.
- Alternatively, if Wave (5) Orange has already completed, it may have peaked around the 2900 level.
Grasim Industries has followed a strong uptrend since reaching a low around 1270 in June 2022, marking the termination of Intermediate Wave (4).
The structure appears to be forming five waves, unfolding as Minor Waves 1 through 5 Grey (with Wave 5 still progressing).
- If the bullish structure holds, the stock may target a push above 3000, signaling the completion of Intermediate Wave (5) Orange.
- A sustained move above 2450, where Minute Wave ((ii)) ended, will confirm that the bullish trend remains intact.
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 ((iii)) Navy
Details:
- Minute Wave ((iii)) Navy of Minor Wave 5 Grey is progressing higher within Intermediate Wave (5) Orange, with Minuette Wave (ii) Orange appearing complete near 2700.
- If this count holds, Minuette Wave (iii) should be in progress.
- Alternatively, Intermediate Wave (5) Orange may already have concluded above 2900.
- Invalidation Point: 2490
Grasim Industries 4H Chart: Elliott Wave Insights
The 4H chart highlights the formation of Minuette Waves within the Minute Waves ((i)) and ((ii)) Navy.
- Minute Wave ((i)) completed as an impulse, followed by a corrective 3-3-5 expanded flat pattern for Minute Wave ((ii)), ending around 2490.
- Minute Wave ((iii)) is now advancing higher, maintaining support at 2490.
Technical Analyst: Harsh Japee
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Conclusion:
Grasim Industries continues to move higher within Minute Wave ((iii)) Navy of Minor Wave 5 Grey, part of Intermediate Wave (5) Orange, with key support at 2490.