ASIAN PAINTS Stock Elliott Wave Analysis – (1D Chart)
Asian Paints Elliott Wave Technical Analysis
Function: Larger Degree Trend (Higher - Intermediate Degree, Orange)
Mode: Motive
Structure: Potential Impulse
Position: Minute Wave ((ii)) Navy
Details: The current Elliott Wave structure indicates that Intermediate Wave (5) Orange may be continuing higher. Wave (4) Orange appears to have concluded as a larger degree triangle formation in the 2600-2650 zone. Moreover, Minor Waves 1 and 2 of (5) are now complete, and Minor Wave 3 is in progress. Minute Wave ((ii)) Navy of Minor Wave 3 seems to have completed near the 3000 level. If this analysis is correct, Minute Wave ((iii)) could soon start. Alternatively, if Intermediate Wave (5) Orange has ended around 3570, a larger correction could be developing.
Invalidation Point: 2840
ASIAN PAINTS Daily Chart Technical Analysis and Potential Elliott Wave Counts
The daily chart for ASIAN PAINTS shows that Intermediate Wave (5) Orange is pushing higher after Intermediate Wave (4) concluded around 2670. The stock found support near the 2980 level and is currently trading around 3040.
Previously, between October 2021 and May 2024, a larger degree triangle consolidation ended Intermediate Wave (4) Orange near the 2670 lows. Since then, Minor Waves 1 and 2 Grey have been completed, and Minor Wave 3 is now advancing.
If the current Elliott Wave structure remains valid, prices are likely to hold above 2840, the termination level of Minute Wave ((ii)) of 3, with a potential upward target towards the 3400 level as bulls gain momentum.
ASIAN PAINTS Stock Analysis Tradinglounge (4H Chart)
Asian Paints Stock Technical Analysis
Function: Larger Degree Trend (Higher - Intermediate Degree, Orange)
Mode: Motive
Structure: Potential Impulse
Position: Minute Wave ((ii)) Navy
Details:
The 4H chart suggests that Intermediate Wave (5) Orange is likely progressing higher. Wave (4) Orange seems to have completed as a larger degree triangle near the 2600-2650 zone. Minor Waves 1 and 2 have completed, and Minor Wave 3 is advancing. Minute Wave ((ii)) Navy of Minor Wave 3 appears to have finished near 3000. If this analysis holds, Minute Wave ((iii)) should begin soon. However, if Intermediate Wave (5) Orange terminated near 3570, a larger correction may be underway. The stock is also rebounding from the 0.618 Fibonacci support level at the time of writing.
Invalidation Point: 2840
ASIAN PAINTS 4H Chart Technical Analysis and Potential Elliott Wave Counts
The 4H chart for ASIAN PAINTS highlights the sub-waves within Intermediate Wave (5) Orange, following a triangle formation that ended near 2670. Minor Waves 1 and 2 completed around 2890 and 2840 respectively, and Minor Wave 3 is likely extending. Minute Wave ((i)) formed near 3400, followed by Minute Wave ((ii)) around 2980. If the current wave count is correct, Minute Wave ((iii)) is expected to begin shortly.
Technical Analyst: Harsh Japee
Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here
Previous: ADANI POWER 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
Conclusion:
ASIAN PAINTS is potentially advancing higher in Minute Wave ((iii)) Navy, within Minor Wave 3 Grey of Intermediate Wave (5) Orange, with support around 2840.