DLF Elliott Wave Analysis

DLF daily chart
As seen in the above chart, prices are moving in a higher highs and higher lows. However, it seems that the strength is fading away as prices has re-entered the in the terrain of its previous high. If this is a reversal prices will break the small channel within the big one and can test the support of the big channel.

From waves perspective, prices have completed impulse move, where wave 1 was a leading diagonal, wave 2 normal correction, wave 3 had extension within extension, wave 4 is steeper as compared to wave 2 and wave 5 marginally crossing wave 3 high. Now correction has started which can drag prices near till 310-305 levels.

The summation is DLF is expected to dip till 310-305 over short term with resistance placed at 340.


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