Axis Bank Elliott Wave Forecast

Axis Bank daily chart

Axis Bank hourly chart

In the above daily chart it is very clear that prices are making lower highs and lower lows, which is a negative sign. After making a low of 287 prices managed to bounce till 486 levels after that it continues to move in the major direction which is negative. Daily RSI has failed to cross the center line from below and is showing signs of reversal.

From hourly chart, the banking stock is moving in a falling channel, which is a negative sign. As of now it is showing signs of reversal from 420 levels which is closer to the trend line resistance. It has also filled the rising gap (marked by rectangle) on Friday which is a negative sign indicating that bulls are losing control.

Wave theory says that, Axis Bank is moving in a complex correction pattern from the hourly chart pattern, this means that it has completed one correction after wave a at one higher degree was completed and then wave (x) was formed near 420 levels and now second correction is on the wave which can be 61.8% to 80% of the rise to complete wave b at one higher degree.

The summation is, prices are poised to falter till 360-355 levels where the support of the channel is placed with resistance at 410.

Elliott and Neo Wave analysis is conducted for 1 month, this is an advance technical course suited for professional traders. Twice a week, 2 hours will be given for theory as well as practical application. The fees for it will be Rs. 10,500/-.

Classroom training and webinars both are available. If you reside in Mumbai, classroom training is conducted in Vile Parle near station and Borivali Station. For inquiry and registration call +919324174580.


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