DLF Elliott Wave Analysis

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 DLF daily chart

DLF hourly chart

In the above daily chart, prices are moving in a rising channel, recently there was resilience which made the stock move towards its preceding high and at present it is hovering near to 166 levels. It is imperative for prices to move above this level for opening up further upside which will accelerate buying pressure. Daily RSI is above the center line which is a positive sign.

In the hourly chart, the stock which was moving in a falling black channel has finally given a bullish break. Prices tested the support level of the trend line which was earlier acting as a support level (also known as throwback). It looks now that prices will continue to move higher and test its previous high placed at 180 levels.

From Waves perspective, after completing wave a at one higher degree around 180, prices corrected in a three wave structure and completed wave b at 142 levels followed by wave c in which wave i and wave ii is over and wave iii has already started, this impulse wave can move till 180 or even surpass it.

The summation is, DLF is all set to soar till 180-185 levels as far as the level of 151 is intact on the downside (closing basis).


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