TITAN COMPANY (TITAN) Elliott Wave Analysis-TradingLounge 1D Chart
ITAN COMPANY 1 Day Chart Analysis
TITAN Elliott Wave Technical Analysis
Function: Counter Trend (Intermediate Degree, Orange)
Mode: Corrective
Structure: Impulse within Larger Degree Corrective Wave
Position: Minor Wave 2 Grey
Details: The stock may have formed a top around the 3920 level earlier. Additionally, an impulse drop has been seen, finishing just above the 3000 mark, followed by a corrective rally between the 3780-3870 levels. Currently, the stock is turning lower as Minor Wave 3 Grey progresses, working against the 3920 level. Alternative counts are indicated on the chart, which will be evaluated if the price action aligns.
Invalidation Point: 3910-3920
TITAN Company Daily Chart Technical Analysis and Elliott Wave Forecast
The daily chart for TITAN Company suggests that a major top has formed around the 3910-3920 range, signaling the potential completion of Intermediate Wave (5) Orange. The stock has since moved lower, with Minor Waves 1 and 2 Grey forming near 3060 and 3800, respectively. There is a possibility that Minor Wave 3 Grey is currently unfolding.
In July 2022, the stock dropped near the 1830 mark, marking the end of Intermediate Wave (4) Orange. Following this, the price moved upward in a five-wave structure, marked as Minor Waves 1 through 5. If this analysis is correct, a larger degree corrective wave has started.
Alternative Scenario: The peak around 3910-3920 may represent Minor Wave 3, followed by Minor Wave 4 finishing near the 3060 level. In this scenario, Minor Wave 5 could be moving higher, potentially breaking through the 3910-3920 range.
ITAN COMPANY (TITAN) Elliott Wave Analysis-TradingLounge 4H Chart
TITAN COMPANY – TITAN (4H Chart) Elliott Wave Technical Analysis
Function: Counter Trend (Intermediate Degree, Orange)
Mode: Corrective
Structure: Impulse within Larger Degree Corrective Wave
Position: Minor Wave 2 Grey
Details: The stock may have formed a top around the 3920 level earlier. An impulse drop followed, completing just above the 3000 mark, followed by a corrective rally between 3780-3870. Currently, the stock has started moving lower as Minor Wave 3 Grey unfolds, working against the 3920 level. A break below 3145 would confirm the bearish outlook. Alternative wave counts are shown on the chart, which will be revisited if price action behaves as expected.
Invalidation Point: 3910-3920
TITAN Company 4H Chart Technical Analysis and Elliott Wave Forecast
The 4H chart of TITAN Company shows a potential impulse drop from the 3910-3920 high, labeled as Minor Wave 1, followed by a corrective rally to 3800, marked as Minor Wave 2. If this wave count is correct, Minor Wave 3 is now moving downward.
Technical Analyst: Harsh Japee
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Conclusion:
TITAN Company appears to be trending lower as Minor Wave 3 Grey progresses, acting against the 3910-3920 resistance zone.