DR REDDY LABORATORIES Elliott Wave Analysis | Trading Lounge Day Chart
DR REDDY LABORATORIES Stock Day Chart Analysis
DR REDDY LABORATORIES Elliott Wave Technical Analysis
Function: Trend
Mode: Impulsive
Structure: Orange Wave 5
Position: Navy Blue Wave 1
Direction Next Lower Degrees: Navy Blue Wave 2
Details: Orange Wave 4 appears complete; Orange Wave 5 is advancing.
Wave Cancel Invalid Level: 1018
On the daily chart of DR REDDY LABORATORIES, the Elliott Wave analysis signals a bullish market trend. The current wave is in an impulsive formation, confirming upward momentum. The price action is progressing through orange wave 5, which belongs to a broader navy blue wave 1 structure. This setup indicates that the asset is in the final push of a larger upward impulse.
Technical analysis confirms the completion of orange wave 4, transitioning into orange wave 5, which usually reflects strong buying interest. This wave is commonly the last phase in the impulse sequence and suggests increased momentum before a correction, anticipated as navy blue wave 2, takes place.
The critical invalidation level to watch is 1018. If the price moves below this mark, the bullish Elliott Wave setup would be invalid, requiring a revised count. As long as the price holds above 1018, the structure maintains a positive outlook.
With orange wave 5 now active and wave 4 confirmed finished, DR REDDY LABORATORIES seems primed for a final upward move in this impulsive sequence. Traders should remain alert to reversal cues as this move concludes the fifth wave within the broader navy blue wave 1 formation.
DR REDDY LABORATORIES Elliott Wave Analysis | Trading Lounge Weekly Chart
DR REDDY LABORATORIES Elliott Wave Technical Analysis
Function: Trend
Mode: Impulsive
Structure: Navy Blue Wave 1
Position: Gray Wave 3
Direction Next Lower Degrees: Navy Blue Wave 2
Details: Gray Wave 2 appears complete; Navy Blue Wave 1 is advancing.
Wave Cancel Invalid Level: 1018
The weekly Elliott Wave analysis for DR REDDY LABORATORIES supports a bullish trend, with the price action entering an impulsive wave phase. The ongoing structure, navy blue wave 1, forms part of a broader gray wave 3 cycle. This signals the early movement in a potential long-term uptrend.
Based on current wave development, gray wave 2 has likely ended, initiating navy blue wave 1. In Elliott Wave theory, the start of a third wave cycle is usually marked by high momentum and substantial price advances. After the current wave completes, a pullback in the form of navy blue wave 2 is expected.
The key invalidation level to track is 1018. A decline under this level would break the current wave count and require updated analysis. If the price remains above 1018, the trend continues to support a bullish forecast.
With navy blue wave 1 unfolding and gray wave 2 concluded, DR REDDY LABORATORIES appears to be in the early stages of a strong price rally. The impulsive characteristics of the current wave point to sustained bullish sentiment, likely fueled by institutional activity, under the larger gray wave 3 framework.
Technical Analyst: Malik Awais
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