Image Source: Unsplash
 

S&P BSE Sensex (India) Elliott Wave Analysis – Trading Lounge Day Chart

S&P BSE Sensex (India) Wave Technical Analysis

• Function: Bullish Trend
• Mode: Impulsive
• Structure: Navy Blue Wave 1
• Position: Gray Wave 1
• Next Higher Degree Direction: Navy Blue Wave 1 (Started)

Analysis Overview

The S&P BSE Sensex India Elliott Wave Analysis on the daily chart reflects a bullish trend, indicating strong upward momentum. The market is currently in an impulsive phase, with navy blue wave 1 forming within a larger wave structure. Specifically, this navy blue wave 1 is positioned within the first wave at the gray degree, reinforcing the emerging trend.

This analysis suggests that a new bullish trend has commenced, with navy blue wave 1 leading the way. This wave represents the beginning of a larger upward movement, pointing to potential continued gains in the market. The next phase at a higher degree, also navy blue wave 1, has already started, further strengthening the bullish outlook.

Key Trading Insights

• The first wave in an impulsive sequence often lays the foundation for further gains.
• Market corrections within this wave cycle may offer strategic entry opportunities.
• Given the strong bullish structure, traders should anticipate further price increases.

Currently, S&P BSE Sensex is in a strong uptrend, with wave 1 actively developing. The bullish wave structure aligns with the broader Elliott Wave pattern, signaling potential long-term growth. Monitoring price action and wave formations will be crucial for identifying optimal entry and exit points in this trend.

S&P BSE Sensex (India) Elliott Wave Analysis – Trading Lounge Weekly Chart

S&P BSE Sensex (India) Wave Technical Analysis

• Function: Bullish Trend
• Mode: Impulsive
• Structure: Gray Wave 1
• Position: Orange Wave 5
• Next Higher Degree Direction: Gray Wave 1 (Started)

Analysis Overview

The S&P BSE Sensex India Elliott Wave Analysis on the weekly chart confirms a bullish trend, indicating strong upward momentum. The market remains in an impulsive phase, with gray wave 1 currently unfolding within the fifth wave at the orange degree.

The analysis suggests that the previous corrective phase (orange wave 4) has likely completed, allowing the market to progress into gray wave 1 of orange wave 5. Since wave 5 typically marks the final phase of an impulsive sequence, further gains are expected before the market potentially enters a long-term correction.

Key Trading Insights

• Wave 1 within wave 5 signals the early stages of a new bullish movement.
• This phase offers potential opportunities for strategic entry points.
• Traders should monitor key resistance levels and confirm trend continuation.

Currently, S&P BSE Sensex remains in a strong uptrend, with wave 1 of wave 5 actively unfolding. The bullish wave structure aligns with the broader Elliott Wave pattern, suggesting further growth potential. Observing market behavior and wave progressions will be essential for making informed trading decisions within this prevailing bullish trend.

Technical Analyst : Malik Awais

More By This Author:

Elliott Wave Technical Analysis: TRX/USD Crypto Price News Today
IShares Bitcoin Trust ETF – Elliott Wave Technical Analysis
Elliott Wave Technical Analysis: Fisher & Paykel Healthcare Corporation Limited