Elliott Wave Technical Analysis: Axis Bank Ltd.

AXIS BANK LTD – AXISBANK (1D Chart) Elliott Wave Technical Analysis

Function: Counter Trend (Minor degree, Grey. Wave A unfolding)

Mode: Corrective

Structure: Potential Impulse

Position: Minute Wave ((ii)) Navy of 1/A complete.

Details: Minute Wave ((iii)) Navy is now underway towards 1000 at least, against 1345. A minor pullback is seen unfolding before bears are back in control.

Invalidation point: 1340-50.

AXIS Bank Daily Chart Technical Analysis and potential Elliott Wave Counts:

AXIS Bank daily chart is indicating a progressive rally complete around 1345, which is Intermediate Wave (5) Orange termination. The stock might have turned lower since then as Minute Wave ((i)) and ((ii)) also seem to be complete with Minute Wave (((iii)) now underway towards 1000 mark.

The stock had terminated Intermediate Wave (4) Orange around 620 in January 2022.Since then Minor Waves 1 through 5 seem complete, terminating around 1345 high. Minor Wave 3 was an extension terminating around 1155, while Minor Wave 4 as a combination terminating around 995 mark.

A counter trend at Minute degree might be unfolding against 1345 high. Within the drop, Minute Wave ((iii)) might be unfolding at the time of writing.

AXIS BANK LTD – AXISBANK (4H Chart) Elliott Wave Technical Analysis:

Function: Counter Trend (Minor degree, Grey. Wave A unfolding)

Mode: Corrective

Structure: Potential Impulse

Position: Minute Wave ((ii)) Navy of 1/A complete.

Details: Minute Wave ((iii)) Navy is now underway towards 1000 at least, against 1345. A minor pullback is seen unfolding before bears are back in control.

Invalidation point: 1340-50.

AXIS Bank 4H Chart Technical Analysis and potential Elliott Wave Counts:

AXIS Bank 4H chart highlights sub waves from Minor Wave 3 Grey onwards. Please note Wave 4 was a combination before Wave 5 rallied through 1345 high. Furthermore, a lower degree impulse wave Minute ((i)) looks complete around 1128 low, followed by a corrective rally Minute Wave ((ii)) around 1290. High probability remains for bears to remain in control as Minute Wave ((iii)) is underway.

Conclusion:

AXIS Bank could be unfolding Minute Wave ((iii)) lower towards 1000 mark, as long as prices stay below 1345.

Elliott Wave Analyst: Harsh Japee

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