AXIS Bank Elliott Wave technical analysis – Day chart
Function:Â Counter Trend.
Mode:Â Corrective.
Structure:Â Navy Blue Wave 2.
Position:Â Gray Wave 5.
Direction (next higher degree):Â Navy Blue Wave 3.
Details:Â Completion of navy blue wave 1, currently forming navy blue wave 2 of 5.
Invalidation level:Â 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…
