Axis Bank Elliott Wave technical analysis [Video]
AXIS Bank Elliott Wave technical analysis – Day chart
Function: Counter Trend.
Mode: Corrective.
Structure: Navy Blue Wave 2.
Position: Gray Wave 5.
Direction (next higher degree): Navy Blue Wave 3.
Details: Completion of navy blue wave 1, currently forming navy blue wave 2 of 5.
Invalidation level: 932.
Market overview and structure
The daily Elliott Wave chart for AXIS BANK highlights a corrective counter-trend move. The chart structure reveals that the stock is within navy blue wave 2, a part of a broader gray wave 5 cycle. This indicates a temporary retracement amid an overall upward trend.
The completion of navy blue wave 1 marks the beginning of wave 2’s development. As a corrective…
