WELSPUNIND: Power of Elliott wave, You cannot Miss!!!Nov 16, 2023
WELSPUNIND: Power of Elliott wave, You cannot Miss!!!
Combination of trend indicator and Elliott wave is an amazing technique applied on a chart to understand why there was a rise and is this rise is sustainable.
We published WELSPUNIND analysis in "The Financial Waves Short Term Update" on 31st October which our subscribers received pre-market every day. Check out below the detailed research report that we published.
WELSPUNIND Daily chart Anticipated as on 31st October 2023
Wave analysis Anticipated as on 31st October 2023
In the previous session, WELSPUNIND rose more than 7% during the session with higher volumes. Stock is currently trading at fresh record highs. On the above chart we can see that prices are moving well within a rising channel. Recently price bounced from the channel support and completed its journey towards the upper end of the channel. Currently prices are on the urge to give breakout of the same which is must for further bullish momentum to continue.
As per wave perspective, we are moving on the upside in form wave 3 which is considered as a strongest one as per guidelines. Also, Ichimoku cloud has acted as a support cushion to prices. As per this, nearest support is near 135 levels.
In short, trend for the stock looks positive. A close above 159 is must for further bullish momentum to continue with the targets of 165 or higher. While on the downside 135 can act as a near term support.
WELSPUNIND Daily chart Happened as on 16th November 2023
On the above happened chart we can see how we captured a move of more than 16% within a short span using pure Elliott wave theory. Prices achieved our target of 165 and made high of 169.95. We anticipated a big up move in coming sessions as wave iii or 3rd is ongoing on the upside.
The stock has potential to go much higher in coming sessions as 3rd wave is ongoing. As the third wave of Elliott Wave Theory is the most powerful and visually distinct impulse wave within a five-wave pattern. It typically extends beyond the first wave and is often the largest wave. The third wave is often characterized by strong momentum and volatility, as it represents the most extended phase of the trend.