Hindalco: Elliott Wave Forecast

Hindalco Daily chart


Hindalco is moving in a falling channel and has shown resilience from the lower end of the channel. Now it is imperative for prices to move above the falling channel for positive possibilities to open.

As far as prices persist in this channel, lower highs and lower lows will continue. I think there are high chances for prices to move up above the resistance of the channel.

From wave perspective, prices have completed complex correction pattern (w-x-y-x-z). After that impulse wave has started in which it has completed wave I and wave ii is ongoing. Once that is complete wave iii will start.

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