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ADANI POWER – ADANIPOWER (1D Chart) Elliott Wave Technical Analysis

Function: Counter Trend (Intermediate degree, orange)

Mode: Corrective

Structure: Potential Impulse within Larger Degree Zigzag

Position: Minute Wave ((iii)) Navy

Details: Minute Wave ((iii)) Navy is progressing lower within Minor Wave 1 against 800. A break below 580 would accelerate towards 490-500 zone.

Invalidation point: 800

ADANI Power Daily Chart Technical Analysis and potential Elliott Wave Counts:

ADANI Power daily chart is indicating a progression higher, which might be complete around 900 mark as fifth wave terminates at multiple degrees. If correct, a corrective drop at Minor degree at least should be underway against the above.

ADANI Power terminated Intermediate Wave (4) Orange around 130 mark in February 2023. Since then, Minor Waves 1 through 5 seem to be complete, terminating Intermediate Wave (5) Orange around 900 range. Minor Wave 3 was extended as expected.

If the above holds well, the stock should ideally remain under 900 mark to hold the counter trend, more specifically below 800 with tighter risk. It is expected to continue lower towards 500 at least, as Minute Wave ((iii)) unfolds.

ADANI POWER – ADANIPOWER (4H Chart) Elliott Wave Technical Analysis

Function: Counter Trend (Intermediate degree, orange)

Mode: Corrective

Structure: Potential Impulse within Larger Degree Zigzag

Position: Minute Wave ((iii)) Navy

Details: Minute Wave ((iii)) Navy is progressing lower within Minor Wave 1 against 800. A break below 580 would accelerate towards 490-500 zone. Alternatively, the stock could bounce higher from 580 levels terminating Minor Wave 4 and then resume higher towards.

Invalidation point: 800

ADANI Power 4H Chart Technical Analysis and potential Elliott Wave Counts:

ADANI Power 4H chart also reveals a major to in place around 900 mark. The stock is unfolding a larger degree corrective wave and has carved Minute Waves ((i)) and ((ii)) around 645 and 800 respectively. If correct, Minute Wave ((iii)) is now underway towards 500 lows.

Conclusion:

ADANI Power might have turned lower from 900 highs and is now progressing within Minute Wave ((iii)) Navy, towards 500 levels going forward.

Elliott Wave Analyst: Harsh Japee

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