ASIAN PAINTS – Elliott Wave Technical Analysis (1D Chart)
ASIAN PAINTS Elliott Wave Analysis
Function: Counter-Trend Lower (Minor Degree Grey)
Mode: Corrective
Structure: Flat (3-3-5)
Position: Minor Wave C
Analysis Details:
The minor degree corrective wave A-B-C is forming against the 3410 resistance level, with waves A and B already established. A high-probability Elliott Wave count suggests that Minute Wave C is either complete or approaching completion. Currently, Minute Wave ((v)) within C may extend further towards the 2000-2200 levels. However, a breakout above the 2370 level would invalidate this scenario.
Key Invalidation Level: 2370
Daily Chart Insights and Elliott Wave Counts:
The ASIAN PAINTS daily chart indicates a corrective A-B-C wave nearing completion at a minor degree following the stock’s decline from the 3270 high in July 2023. After bouncing off the 2200 support level, the stock must break above 2370 to confirm an upward reversal.
If the decline persists, potential support lies around the 2000 level. Earlier, Minor Waves A and B subdivided into combinations, with terminations around 2675 and 3390, respectively. Wave C is evolving as an impulse wave, with its third sub-wave being extended.
ASIAN PAINTS – Elliott Wave Technical Analysis (4H Chart)
Function: Counter-Trend Lower (Minor Degree Grey)
Mode: Corrective
Structure: Flat (3-3-5)
Position: Minor Wave C
Analysis Details:
A minor degree corrective A-B-C wave pattern is currently in progress against the 3410 resistance level, with Waves A and B already completed. A high-probability count indicates that Minute Wave C is either concluding or nearing its end. Minute Wave ((v)) within C could target the 2000-2200 support zone. A move above the 2370 resistance level would invalidate this bearish outlook.
Key Invalidation Level: 2370
4H Chart Insights and Elliott Wave Counts:
The ASIAN PAINTS 4H chart reflects the recent decline from the 3390 high, marking the termination of Minor Wave B. The sub-waves at the Minute degree appear to be forming a base around the 2200 range. Additionally, Minute Wave ((iii)) displayed an extended structure with clear sub-wave labeling.
A breakout above 2370, which corresponds to the termination of Wave (iv) and acts as a key resistance level, would confirm that a bottom is in place and signal a potential bullish reversal in the medium term.
Technical Analyst: Harsh Japee
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Conclusion:
ASIAN PAINTS might have completed Minute Wave ((v)) of Minor Wave C around the 2200 support zone. If this analysis holds, bullish momentum could soon drive the stock beyond the 2370 resistance level.