ASIAN PAINTS Elliott Wave Analysis - TradingLounge Day Chart

ASIAN PAINTS Elliott Wave Technical Analysis

Function: Counter Trend Lower (Minor Degree Grey)

Mode: Corrective

Structure: Flat (3-3-5)

Position: Minute Wave C

Details: A Minor degree corrective wave A-B-C is unfolding against the 3550 level, with Waves A and B already in place. The high-probability count indicates Minute Wave C is either complete or near completion.

Invalidation point: 3410

ASIAN PAINTS Daily Chart Technical Analysis and Potential Elliott Wave Counts:

• The ASIAN PAINTS daily chart suggests that the Minor degree A-B-C correction might be complete around the 2450 level or nearing completion.

• Fibonacci extension levels indicate a potential termination for Minute Wave ((v)) of C near the 2330 mark.
• Earlier, the stock completed Intermediate Wave (5) Orange near 3570, followed by a drop into a flat Minor Wave A-B-C targeting 2450 lows.

If this scenario holds, bullish momentum could return soon, lifting the stock from current levels.

ASIAN PAINTS Elliott Wave Analysis - TradingLounge 4H Chart

ASIAN PAINTS Elliott Wave Technical Analysis

Function: Counter Trend Lower (Minor Degree Grey)

Mode: Corrective

Structure: Flat (3-3-5)

Position: Minute Wave C

Details: A Minor degree corrective A-B-C wave is progressing against the 3550 resistance, with Waves A and B complete. A high-probability count shows Minute Wave C is close to finishing.

Minute Wave ((iii)) Navy within C may have extended, leading to a potential Wave ((iv)) correction before a final low to terminate Minor Wave C.

Invalidation point: 3410

ASIAN PAINTS 4H Chart Technical Analysis and Potential Elliott Wave Counts:

• The ASIAN PAINTS 4H chart highlights sub-waves within Minor Wave C, suggesting a possible completion around 2450 or a need for another lower wave.

• Minute Wave ((iii)) of C appears extended, with a potential Minute Wave ((iv)) correction forming soon.
• Once Wave ((iv)) concludes, bears might exert further pressure to complete Wave ((v)) of C below the 2450 level.

Technical Analyst: Harsh Japee

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Conclusion:

• ASIAN PAINTS is advancing within Minor Wave C Grey as part of the corrective A-B-C structure and may terminate below the 2450 level.

• Additionally, the entire corrective wave from 3570 could signify the end of a larger-degree corrective cycle.