ITC- 55 Days Time Cycle along with Elliott waveJul 25, 2022
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We have seen good rise in the FMCG sector over quite some time being the defensive sector and it has been performing well.
ITC has a diversified presence in cigarettes, hotels, paperboards & packaging, agri-business, packaged foods & confectionery, Information technology, branded apparel, personal care, stationery, safety matches and other FMCG products.
We published the following research on ITC on 5th May 2022 in "The Financial Waves Monthly Update" which our subscribers every month.
ITC Daily chart as we published on 5th May 2022: (Anticipated)
ITC Daily chart as we published on 25th July 2022: (Happened)
Wave Analysis as we published on 5th May 2022:
On the daily chart, as the prices are overlapping in the nature, the entire rise will be corrective. Currently, primary wave (V) is unfolding in a form of Terminal or Ending Diagonal pattern. Here on ITC daily chart, we have applied 55 days Hurst Time Cycle. Here we can see that this cycle has formed important lows in the past and has worked almost 95% of the times. Also, we can see that prices have reversed from the cycle and moved on the upside. However, further price action is required for the confirmation of the upside. As per this, next lows are due in the end of July month.
In short, we expect ITC to provide greater gains in future on the basis of range breakout and also on Elliott wave basis. However, short term correction is possible before we witness an up move. Use any dips as buying opportunity and as the stock is in its correction phase.
The stock has moved exactly as we anticipated and moved more than 15% from our mentioned levels. We can also see that 55 Days cycle has been working extremely well and recently the cycle has formed and until the cycle low does not taken out, the trend can continue to remain sideways to bullish. The stock is also moving near the channel resistance which suggest that we can witness a minor correction before we witness any up move.
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