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 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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