ITC LTD – ITC (1D Chart) Elliott Wave Technical Analysis
ITC Elliott Wave Technical Analysis
Function: Counter Trend (Minor degree, Grey)
Mode: Corrective
Structure: Larger degree zigzag
Position: Minor Wave 3 Grey
Details: Minor Wave 3 is unfolding lower, with resistance at the 530 mark.
Invalidation Point: 530
ITC Daily Chart Technical Analysis and Potential Elliott Wave Counts
The ITC daily chart suggests a potential trend reversal after reaching the 530 high in October 2024. The stock has declined below the 445 mark, forming Minor Waves 1 and 2 at approximately 455 and 490 levels, respectively.
In the larger picture, ITC saw a significant drop to 134 lows in March 2020. The subsequent recovery unfolded as follows:
- Intermediate Wave (1) Orange: A leading diagonal ending near 209.
- Wave (2): Corrective decline to 164.
- Wave (3): An extended rally reaching 498.
The stock reversed sharply after Intermediate Wave (5) terminated near the 530 level. Currently, Minor Wave 3 is developing and is likely targeting 394 as a medium-term support zone.
ITC LTD – ITC (4H Chart) Elliott Wave Technical Analysis
Function: Counter Trend (Minor degree, Grey)
Mode: Corrective
Structure: Larger degree zigzag
Position: Minor Wave 3 Grey
Details: Minor Wave 3 is progressing downward, with resistance near 530 as Minor Wave 2 concluded as an expanded flat within the 490-500 range.
Invalidation Point: 530
ITC 4H Chart Technical Analysis and Potential Elliott Wave Counts
The 4H chart reflects a trend reversal after Intermediate Wave (4) Orange ended near 400 in March 2024. The subsequent rally to Intermediate Wave (5) near 530 formed a strong impulse, which has since reversed.
Key observations:
- Minor Wave 1: Formed near 455.
- Minor Wave 2: An expanded flat correction ending around the 490-500 range.
- Current Status: The stock is trading at 447 and unfolding Minor Wave 3 Grey, indicating further downside potential.
Technical Analyst: Harsh Japee
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Conclusion
ITC is in a corrective phase, moving lower within Minor Wave 3 against the 530 high, with key support expected near the 394 level.