ITC INDIA Elliott Wave Analysis – Trading Lounge Day Chart
ITC INDIA Stock Day Chart Analysis
ITC India Elliott Wave Technical Analysis
FUNCTION: Bullish Trend
MODE: Impulsive
STRUCTURE: Orange Wave 3
POSITION: Navy Blue Wave 1
DIRECTION (NEXT HIGHER DEGREES): Orange Wave 3 (initiated)
Wave Cancel Invalid Level: 390
DETAILS: Orange wave 2 has concluded, signaling the initiation of orange wave 3.
The daily chart of ITC India reflects robust bullish momentum, underscoring an ongoing upward trend. Currently, orange wave 3 is developing within navy blue wave 1, part of a larger Elliott Wave cycle. This progression confirms the end of the corrective phase in orange wave 2 and introduces a strong impulsive rally characteristic of wave 3.
Orange wave 3 typically displays powerful buying interest, affirming market strength. Being embedded within navy blue wave 1, this scenario increases the likelihood of additional price appreciation. The 390 level acts as a pivotal support point—dropping below would challenge the current wave count and may indicate a deeper market correction or trend reversal.
This Elliott Wave setup provides technical traders with a clear understanding of ITC’s bullish positioning. With orange wave 3 gaining strength, the potential for upward movement remains strong in the near term.
Investors should monitor the ongoing price trend for evidence supporting the continuation of wave 3. Maintaining levels above 390 will reinforce the bullish outlook.
ITC INDIA Elliott Wave Analysis – Trading Lounge Weekly Chart
ITC India Elliott Wave Technical Analysis
FUNCTION: Bullish Trend
MODE: Impulsive
STRUCTURE: Navy Blue Wave 1
POSITION: Gray Wave 5
DIRECTION (NEXT LOWER DEGREES): Navy Blue Wave 2 (expected)
Wave Cancel Invalid Level: 390
DETAILS: The end of gray wave 4 implies the onset of navy blue wave 1 inside gray wave 5.
On the weekly timeframe, ITC India maintains a strong bullish structure. Navy blue wave 1 is forming as part of gray wave 5, confirming the completion of gray wave 4’s correction. This movement suggests that the stock is in the final impulse leg before a potential market adjustment or trend shift.
Navy blue wave 1 carries impulsive strength, indicating continued investor interest and bullish sentiment. However, as this wave aligns with the final gray wave 5, it may signal that the upward trend is nearing its maturity. The 390 price level remains the critical support; a drop beneath this threshold would challenge the current bullish scenario.
This wave analysis offers valuable insights into ITC’s position within the broader market cycle. While short-term gains remain possible, the market is approaching a point where reversal or consolidation is statistically likely.
Traders should stay alert for signs indicating the completion of navy blue wave 1 and track the 390 level closely. The weekly chart suggests prudent risk management as the asset trades within the higher segment of wave 5.
Technical Analyst: Malik Awais
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