BRITANNIA Elliott Wave Technical Analysis
Function: Corrective Trend (Minor Degree Grey)
Mode: Corrective
Structure: Impulse within a larger degree correction
Position: Minor Wave 5 Grey
Details:
Britannia Industries stock has undergone an impulsive decline from its 6450 high. If this wave count remains valid, a corrective rally is expected soon.
Britannia Industries Daily Chart Technical Analysis & Elliott Wave Outlook
The daily chart suggests a potential trend reversal from the 6450 high recorded in October 2024. The stock has declined significantly, reaching a new low of 4550, forming a five-wave subdivision. Before the broader downtrend resumes, a short-term pullback is anticipated.
Key technical highlights:
- The April 2024 support level at 4644 has been breached.
- The next major support stands at 4350, aligning with the November 2023 low, marked as Intermediate Wave (4) Orange on the daily chart.
- A corrective rally remains highly probable in the short term.
BRITANNIA INDUSTRIES Elliott Wave Technical Analysis – BRITANNIA (4H Chart)
BRITANNIA Elliott Wave Technical Analysis
Function: Corrective Trend (Minor Degree Grey)
Mode: Corrective
Structure: Impulse within a larger degree correction
Position: Minor Wave 5 Grey
Details:
The stock has experienced an impulsive decline from its 6450 high. If the Elliott Wave count holds, a corrective rally may soon emerge.
Britannia Industries 4H Chart Technical Analysis & Elliott Wave Outlook
The 4-hour chart reflects a well-defined five-wave impulse decline from the 6450 high, recorded on October 03, 2024. The Elliott Wave count suggests that the downtrend has reached 4560, with a potential corrective rally on the horizon.
Key technical insights:
- If this count holds, a counter-trend rally toward 5400 is expected in the near term.
- The daily RSI is exhibiting bullish divergence, reinforcing a short-term bullish outlook despite the broader downtrend.
Technical Analyst: Harsh Japee
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Conclusion
Britannia Industries has completed a five-wave impulsive decline from its 6450 high. A short-term counter-trend rally remains likely before the bearish trend resumes. Traders should monitor resistance levels and RSI divergence for potential entry points.