ADANI PORTS and SEZ – ADANIPORTS (1D Chart)

Elliott Wave / Technical Analysis:

• Function: Counter Trend (Intermediate degree, orange)
• Mode: Corrective
• Structure: Beginning to unfold
• Position: Lower against 1620. Wave ((5)) Orange.
• Details: The larger degree impulse Wave ((5)) appears complete. The stock is likely correcting lower against the 1620 high. The structure is still unfolding and could be an impulse. Additionally, potential lower degree waves ((i)) and ((ii)) may be complete. No change from last week.
• Invalidation point: 1620-30

Elliott Wave Analyst: Harsh Japee
 

Adani Ports and SEZ Daily Chart Technical Analysis and Potential Elliott Wave Counts

The daily chart of Adani Ports and SEZ indicates that Intermediate Wave (5) Orange is complete around the 1610-20 zone. The wave seems truncated, with a high just below the orthodox high of Minor Wave 3. If this scenario holds, the next larger degree wave is expected to move lower against the 1610-20 range.

Adani Ports and SEZ has been unfolding its Primary Wave ((5)) after terminating around 200-10 lows in March 2020. Furthermore, its Intermediate Wave (5) Orange has been unfolding since March 2023 from the 400 lows. The all-time high, registered close to the 1610-20 range, has completed the fifth wave at multiple degrees.

If correct, the stock should be setting up for a larger degree corrective wave against the 1610-20 range. A break below 1160-70, which is Minor Wave 4, would confirm this outlook and add further confidence to the bearish scenario.

Adani Ports and SEZ 4H Chart Technical Analysis and Potential Elliott Wave Counts

The 4H chart of Adani Ports and SEZ highlights potential wave counts between the 1160-70 and 1610-20 levels. Notably, Minor Wave 5 Grey could be subdivided as a potential impulse, which terminated at 1607 and was marked as Truncated.

Ideally, prices should remain below Minor Wave 5 (1607) and continue lower moving forward. Additionally, Minute Waves ((i)) and ((ii)) Navy appear complete, and the stock is now potentially progressing within Wave ((iii)) against the 1560 mark.

If this structure holds, the stock should experience a sharp decline as Minuette waves begin to unfold from current levels around 1488. Only a break above 1610 broadly would invalidate the bearish outlook.

Conclusion:

Adani Ports and SEZ could be unfolding an extended Minute Wave ((iii)) Navy against the 1610-20 highs. The medium-term target could be seen around 1160-70.

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