Lupin - Elliott wave, strong breakout soon!

When we combine Elliott Wave Theory with price action, it becomes a powerful tool to identify high-probability setups.

While new traders often try to trade every market swing, experienced traders understand that the real profits come from patiently holding positions and riding the most powerful part of the trend — the 3rd wave.

See the detailed research below on weekly chart of Lupin Ltd

Elliott wave is the GPS of the market that helps to understand the overall maturity of the trend. Every stock and index follows its independent Elliott Wave pattern.

On the above chart, we can see how Lupin is dancing perfectly on the tunes of Elliott wave. The rally that started from the month of June 2022 has been unfolding in the form of wave (1) of Primary wave which lasted nearly for 2 years. Post which, the entire correction has been in the form of Primary wave (2) which looks to have completed on the downside. For confirmation of the same, a Weekly close above 2080-2150 levels is required. Post which the rise will be in form of Primary wave (3) which is considered the strongest terminus to be part of!

In nutshell, when price action aligns with Elliott Wave structure, it often leads to highly rewarding outcomes, even in individual stocks. A Weekly close above 2080-2150 can result into fresh course of rally as long as 1830 levels remains protected on the downside.

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