IDFC First Bank: Third wave impulse to start and Fibonacci Projections

IDFC First Bank

From above daily chart of IDFC First Bank, prices are moving in a higher highs and higher lows formation. The first hurdle will be around 46 levels, break of this level will infuse further buying pressure taking prices way higher. (marked with horizontal line).

As per wave theory, prices are moving in an impulse fashion. It completed wave ii at 36 levels and has started wave iii. This wave iii is likely to end in-between 60-66 levels, which can be an equality or more than 100% of Fibonacci projection.

The summation of the above chart is IDFC First is all set to have a dynamic move which can settle at 60-66 levels over medium term.


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