DR REDDY S LABORATORIES – DRREDDY (1D Chart) Elliott Wave Technical Analysis
Function: Larger Degree Trend Higher (Minor degree, Grey)
Mode: Motive
Structure: Impulse
Position: Minor Wave 4
Details: We have changed the structure as Zigzag correction looks complete around 1150-60 mark. If correct, Minor Wave 5 is now underway against 1100.
Invalidation point: 1100
DR. REDDY’S LABORATORIES Daily Chart Technical Analysis and potential Elliott Wave Counts:
DR. REDDY’S LBORATORIES daily chart is indicating a potential continuation of the larger degree uptrend against 1100 mark, as Minor Wave 5 of Intermediate Wave (5) Orange begins to unfold. A consistent break below 1100 would enforce revising the counts.
Earlier, the stock had dropped through 730 lows terminating Intermediate Wave (4). Since then, we can see a potential impulse wave unfolding, with Minor Waves 1 through 4 are in place already. If correct, Minor Wave 5 is about to resume higher soon.
Alternatively, the stock might have completed its impulse wave around 1420 mark and turn lower. A break below 1100 will be the first sign of a major top in place. We would propose a revised wave structure thereafter.
DR REDDY S LABORATORIES – DRREDDY (4H Chart) Elliott Wave Technical Analysis
Function: Larger Degree Trend Higher (Minor degree, Grey)
Mode: Motive
Structure: Impulse
Position: Minor Wave 4
Details: We have changed the structure as Zigzag correction looks complete around 1150-60 mark. If correct, Minor Wave 5 is now underway against 1100.
Invalidation point: 1100
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DR. REDDY’S LABORATORIES 4H Chart Technical Analysis and potential Elliott Wave Counts:
DR. REDDY’S LABORATORIES 4H chart highlights sub waves after Minor Wave 3 completed around 1420 in August 2024. Wave 4 unfolded as a Zigzag and looks complete around 1170 or could print another shallow low before turning higher again.
If the above structure holds well, prices would ideally stay above 1100, the previous Minor Wave ((iv)) Navy, and resume pushing higher through 1420 mark going forward.
Conclusion:
DR. REDDY’S LABORATORIES has probably terminated Minor Wave 5 around 1170 mark. If correct, Minor Wave 5 should be underway soon.
Elliott Wave Analyst: Harsh Japee
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