S&P BSE Sensex (India) Elliott Wave Analysis – Day Chart

S&P BSE Sensex (India) Elliott Wave Technical Analysis

• Function: Counter Trend

• Mode: Impulsive

• Structure: Navy Blue Wave 3

• Position: Gray wave A

• Direction Next Higher Degrees: Navy blue wave 4

• Details: Navy Blue Wave 2 has completed, and Navy Blue Wave 3 is in progress. The wave invalidation level stands at 81,462.19.

Key Analysis:

The S&P BSE Sensex daily chart highlights a counter-trend movement within an impulsive mode. The primary wave structure is navy blue wave 3, with gray wave A forming the initial phase of this wave. This suggests a strong downward movement within the broader corrective phase of navy blue wave 3, signaling a potential bearish market sentiment.

Navy blue wave 2 has concluded, and navy blue wave 3 is actively unfolding. This typically signifies an impulsive downward movement within the overall corrective pattern. The market is expected to maintain this downward momentum as gray wave A continues to progress.

The current focus is on gray wave A within navy blue wave 3, which marks the initial phase of the structure. As gray wave A concludes, the next sequence in the wave will continue the downward momentum within navy blue wave 3. Traders should closely monitor the market behavior as this wave unfolds and approaches completion.

The invalidation level for this wave structure is 81,462.19. If the market breaches this level, the existing wave count will be invalidated, necessitating a reevaluation of the current Elliott Wave structure.

Summary:

• Wave Structure: Navy blue wave 3 is progressing after the completion of navy blue wave 2.

• Market Movement: Downward impulsive movement within gray wave A.

Invalidation Level: 81,462.19.

S&P BSE Sensex (India) Elliott Wave Analysis – Weekly Chart

S&P BSE Sensex (India) Elliott Wave Technical Analysis

• Function: Counter Trend

• Mode: Corrective

• Structure: Gray wave A

• Position: Orange wave 4

• Direction Next Higher Degrees: Gray wave B

• Details: Orange Wave 3 is complete, and Wave A of orange wave 4 is in progress. The wave

invalidation level is 89,829.56.

Key Analysis:

The S&P BSE Sensex weekly chart reveals a counter-trend correction, indicating a retracement within the broader upward trend. The current wave structure under observation is gray wave A, which is unfolding within orange wave 4.

Orange wave 3 has concluded, marking the end of a significant upward movement. The market is now in a corrective phase, with wave A of orange wave 4 currently developing. This phase represents a temporary reversal or consolidation within the broader bullish trend. Once wave A of orange wave 4 completes, the market will transition into the next corrective phase, leading into gray wave B.

This consolidation period is typical in corrective wave structures, where the market pauses to absorb previous gains before resuming the upward trend. Traders should focus on gray wave B, which is the next higher-degree wave expected to lead the market into its next significant movement.

The invalidation level for the current wave structure is set at 89,829.56. A breach of this level will require a reassessment of the current Elliott Wave structure.

Summary:

• Wave Structure: Gray wave A is progressing within orange wave 4.

• Market Movement: Corrective phase with consolidation expected before transitioning to gray wave B.

Invalidation Level: 89,829.56.

Technical Analyst: Malik Awais

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