Axis Bank Elliott Wave Analysis

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 Axis Bank 1 hour chart


Analysis

As seen in the above chart, prices which were moving above the falling trend line has now re-entered that line and is now acting as a resistance too (role reversal). RSI has reversed from the overbought zone giving an indication that the upside isn’t sustainable.

However, the moving averages are showing positive crossover, but due to their laggard behavior it can again give a bearish crossover as time passes by.

Wave theory suggest that the preceding upside wave was wave x and now it has started wave a in which it has completed wave a and wave b and will unfold wave c lower which can test the level of 660-640 levels.

The summation is Axis bank is firmly negative and can test the level of 660-640 zone over short to medium term with resistance placed at 770 (closing basis).


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