30May

In-Depth Kotak Bank Elliott Wave Analysis Reveals Key Market Trends and Potential Price Movements for Strategic Trading Decisions

KOTAK BANK Elliott Wave Analysis – Trading Lounge Day Chart

Kotak Bank Day Chart Analysis

KOTAK BANK Elliott Wave Technical Analysis

FUNCTION: Counter Trend

MODE: Corrective

STRUCTURE: Orange Wave 2

POSITION: Navy Blue Wave 3

DIRECTION NEXT HIGHER DEGREES: Orange Wave 3

DETAILS: Orange Wave 1 has completed, and Orange Wave 2 is currently forming.
Wave Invalidation Level: 1681

The daily Elliott Wave chart for Kotak Bank shows the stock in a corrective counter-trend pattern, part of a broader bearish sequence under Navy Blue Wave 3. The ongoing development of Orange Wave 2 follows the completion of the downward Orange Wave 1, indicating a temporary pause in the primary downtrend.

This corrective phase suggests a limited upside as the market adjusts within Orange Wave 2. Should the price exceed 1681, the current Elliott Wave structure would be invalidated, signaling a potential trend reversal or a more complex correction.

Key Takeaways:

  • Kotak Bank is undergoing a corrective phase.
  • Wave 2 upside potential appears restricted.
  • Monitoring 1681 as the invalidation level is crucial.
  • Completion of Wave 2 may resume the broader bearish move (Wave 3).

KOTAK-BANK-Day-Chart...


KOTAK BANK Elliott Wave Analysis – Trading Lounge Weekly Chart

KOTAK BANK Elliott Wave Technical Analysis

FUNCTION: Counter Trend

MODE: Corrective

STRUCTURE: Orange Wave 2

POSITION: Navy Blue Wave 3

DIRECTION NEXT HIGHER DEGREES: Orange Wave 3

DETAILS: Orange Wave 1 has completed, and Orange Wave 2 is progressing.
Wave Invalidation Level: 1681

On the weekly timeframe, Kotak Bank is engaged in a counter-trend correction within a larger bearish wave structure. The progression of Orange Wave 2 suggests a short-term retracement rather than a new bullish phase.

The upward movement should be interpreted as a limited corrective bounce. A price move beyond 1681 would challenge the current wave count, hinting at a more extended correction or a potential trend reversal.

Key Takeaways:

  • Weekly structure aligns with corrective movement.
  • Price action is part of a larger bearish pattern.
  • Invalidation level at 1681 must be monitored.
  • Risk management is essential during this corrective phase.

Technical Analyst: Malik Awais

Source: Visit Tradinglounge.com and learn from the Experts. Join TradingLounge Here 

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