Axis Bank Elliott Wave technical analysis

Function: Bullish Trend.

Mode: Impulsive.

Structure: Orange Wave 3.

Position: Navy Blue Wave 1.

Direction next lower degrees: Orange Wave 4.

Details: Orange wave 2 appears completed; orange wave 3 of 1 is now in progress.

Invalidation level: 932.

The AXIS BANK daily chart highlights a bullish trend developing within an impulsive Elliott Wave formation. The stock has finished its orange wave 2 correction and moved into orange wave 3, a part of the larger navy blue wave 1. This structure signals the early phase of a potentially strong upward impulse wave with considerable upside in the near term.

Orange wave 3 generally marks the most dynamic part of an Elliott…