GRASIM INDUSTRIES – GRASIM Elliott Wave Analysis (1D Chart)
GRASIM 1D Chart Analysis
Grasim Industries Elliott Wave Technical Analysis
Function: Counter Trend Lower (Minor Degree Grey)
Mode: Corrective
Structure: Potential Zigzag or Impulse within Larger Degree Correction
Position: Minute Wave ((iii)) Navy
Details: A larger degree correction might be underway against the 2880 resistance level.
- An interim low has been established near 2300 as the price pulls back.
- Resistance is expected at the 2500–2600 range, providing a potential entry point for bearish momentum.
Invalidation Point: 2880
GRASIM Daily Chart Technical Analysis and Potential Elliott Wave Counts
The daily chart of GRASIM suggests a significant top formed around 2880 in July 2024, completing Intermediate Wave (5) Orange. Following this, the stock appears to be moving lower in an impulse wave of Minute degree.
- Wave ((i)) and Wave ((ii)) are identified near 2510 and 2740, respectively.
- Currently, the stock seems to be in Minute Wave ((iii)), potentially an extension wave.
For bearish dominance:
- Prices should remain below the 2740 resistance level.
- Alternate Scenario: A corrective phase might have ended around 2275, allowing bulls to regain control.
GRASIM INDUSTRIES – GRASIM Elliott Wave Analysis (4H Chart)
Function: Counter Trend Lower (Minor Degree Grey)
Mode: Corrective
Structure: Potential Zigzag or Impulse within Larger Degree Correction
Position: Minute Wave ((iii)) Navy
Details: A larger degree correction could be forming against the 2880 resistance level.
- An interim low was formed around 2300, with a price pullback underway.
- Resistance near the 2500–2600 range remains a critical zone for bearish reentry.
- Minute Wave ((iii)) is potentially progressing lower.
Invalidation Point: 2880
GRASIM 4H Chart Technical Analysis and Potential Elliott Wave Counts
The 4H chart of GRASIM highlights subwaves within Minor Wave 3 Grey, which ended at 2487 in May 2024. Minor Wave 4 unfolded as a sharp zigzag, concluding around 2180 in June 2024. Wave 5 then surged to 2880, completing Intermediate Wave (5) Orange.
The subsequent price action:
- A move towards 2275 formed in three waves, which could either develop as an impulse or an ((a))-((b))-((c)) correction.
- Bears may push prices lower toward 2175, coinciding with Wave 4 of one lesser degree.
Technical Analyst: Harsh Japee
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Conclusion
GRASIM is moving lower in Minute Wave ((iii)), targeting levels below 2175. Alternatively, a corrective decline may have concluded around 2275, opening opportunities for bullish momentum.