ARVINDFASN : Ready to Ride Wave 5 to New Highs
Price Action Overview:
Current price: ₹532.15 , trading within the Wave 4 completion zone ( ₹526–₹570 ) as per Elliott Wave analysis.
A deep retracement zone is identified between ₹495–₹505 , aligning with Wave C completion, where a bullish reversal is expected.
Wave C indicates a strong potential low point for the next bullish leg (Wave 5).
Key Levels:
Wave 4 Completion Zone: ₹526–₹570
Expected reversal area for Wave 5.
Deep Retracement Zone (Wave C): ₹495–₹505
Secondary buying opportunity if the price drops further.
Stop Loss: ₹486.40
Hourly close below this level invalidates the trade setup.
First Target Zone: ₹605–₹613
Logical resistance area for profit booking.
Second Target Zone: ₹654–₹671
Higher-level target as Wave 5 progresses.
Trading Strategy:
Entry Plan:
Initiate a buy near the Wave 4 completion zone ( ₹526–₹570 ) after bullish confirmation (e.g., bullish candlestick patterns or volume increase).
Consider a secondary buy within the deep retracement zone ( ₹495–₹505 ), aligning with Wave C completion.
Stop Loss:
Place a stop loss below ₹486.40 to minimize risk.
Profit Target:
First target: ₹605–₹613 .
Second target: ₹654–₹671 for extended profits as Wave 5 progresses.
Risk Management:
Scale into the trade cautiously to ensure favorable risk-reward ratios.
Keep an eye on broader market trends, as a bearish environment can invalidate this setup.
Potential Risks:
Failure to sustain demand in the Wave C or Wave 4 zones can lead to a deeper correction.
Broader market sentiment and sector trends may influence price movement.
Disclaimer:
This analysis is for educational purposes only. I am not a SEBI-registered analyst. Please conduct your research or consult a financial advisor before trading.
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