IDFC First: Elliott Wave Analysis

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 IDFC First 60 mins chart


As shown in the above chart, prices are moving precisely in a falling channel and will continue to persists in this channel indicating that the trend will continue to be negative. Also the stock is moving in a lower highs and lower lows which support the above analysis.

From Waves perspective, the stock is on the brink to complete wave C of a one corrective pattern (A-B-C). In wave C, the tricky part is whether it is completed or it is still ongoing as there is extension within extension seen. I have come up with the analysis that prices might re-test 36-35 odd levels in the form of last leg of wave C and then it will reverse (the above chart is self explanatory).

The summation is IDFC First bank will face resistance at 42-3 levels forcing prices to re-test 36-35 levels over short term.

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