Elliott Wave Technical Analysis - HCL Technologies Limited

HCL TECHNOLOGIES – HCLTECH (1D Chart) Elliott Wave Technical Analysis

Function: Larger Degree Trend Higher (Intermediate degree, orange)

Mode: Motive

Structure: Impulse

Position: Minute Wave ((v)) Navy

Details: Minute Wave ((v)) is still progressing higher within Minor Wave 5 of Intermediate Wave (5) Orange against 1750.

Invalidation point: 1750

HCL TECHNOLOGIES Daily Chart Technical Analysis and potential Elliott Wave Counts:

HCL TECHNOLOGIES daily chart is indicating a potential end approaching to the larger degree uptrend, which has reached 1930 mark. The Intermediate Wave (5) Orange is either complete or near to complete going forward. A break below 1750 could be the first sign of a turn.

Earlier, the stock dropped through 885 lows, marked as Intermediate Wave (4), in September 2022. It looks in-line with most global tech stocks bottoming around the same period. Since then a clear five wave rally can be seen unfolding through 1930 high.

Minor Wave 3 was an extension, whereas Minor Wave 4 unfolded as a flat (3-3-5) structure. If the above proposed structure holds well, the stock should be preparing to turn lower soon. Minute Wave ((iv)) around 1750 remains key for bulls to stay in control.

HCL TECHNOLOGIES – HCLTECH (4H Chart) Elliott Wave Technical Analysis