ADANI PORTS and SEZ – ADANIPORTS Elliott Wave Analysis (1D Chart)
ADANIPORTS Elliott Wave Technical Analysis
Function: Larger Degree Trend Higher (Intermediate degree, orange)
Mode: Motive
Structure: Impulse
Position: Minor Wave 5 Grey
Details:
- Minor Wave 5 Grey is advancing within Intermediate Wave (5) Orange, moving higher above the 1160 mark.
- Alternatively, Minor Wave 5 Grey might have already ended near 1630 (truncation), leading to a downward trend.
Invalidation Point: 1160
ADANI PORTS & SEZ Daily Chart Technical Analysis and Potential Elliott Wave Counts:
The daily chart for ADANI PORTS & SEZ reflects a continued rally. The stock is currently in Minor Wave 5 of Intermediate Wave (5) Orange, with a potential to break the 1600 level. The crucial support for maintaining the bullish momentum is the 1160 low, marking the end of Minor Wave 4.
- Intermediate Wave (4) Orange concluded near the 395 level in February 2023.
- The upward movement can be subdivided into five waves: Minor Waves 1 through 4 have completed, while Wave 5 is actively forming.
- Minor Wave 3 was extended, which is typical of impulsive structures.
If the current structure holds, prices are expected to rise from the 1360 level, pushing towards and above 1600. However, a break below 1160 would signal a possible trend reversal.
ADANI PORTS and SEZ – ADANIPORTS (4H Chart) Elliott Wave Technical Analysis
Function: Larger Degree Trend Higher (Intermediate degree, orange)
Mode: Motive
Structure: Impulse
Position: Minor Wave 5 Grey
Details:
- Minor Wave 5 Grey is progressing within Intermediate Wave (5) Orange, maintaining support above 1160.
- Minute Waves ((i)) and ((ii)) appear to have completed around the 1600 and 1300 levels, respectively.
- If this structure holds, Minute Wave ((iii)) should begin soon.
- Alternatively, if Minor Wave 5 Grey ended at 1630 (truncation), the stock may reverse to a bearish trend.
Invalidation Point: 1160
ADANI PORT & SEZ 4H Chart Technical Analysis and Potential Elliott Wave Counts:
The 4-hour chart for ADANI PORT & SEZ illustrates the subwaves following the completion of Minor Wave 4 around 1160 on June 6, 2024.
- Minute Waves ((i)) and ((ii)) within Minor Wave 5 appear completed at the 1600 and 1300 levels, respectively.
- If the structure remains intact, prices are expected to stay above 1160 as Minute Wave ((iii)) unfolds.
Technical Analyst: Harsh Japee
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Conclusion:
ADANI PORT & SEZ remains in an upward trajectory within Minor Wave 5 of Intermediate Wave (5), with critical support at 1160 and a target above the 1600 level.