Function: Higher degree Trend higher (medium degree orange).
Mode: Theme.
Structure: Impulse.
Position: Minor Wave 5 Gray.
Details: Minor Wave 5 Gray progresses higher towards 1758, within Intermediate Wave (5) Orange from 1472.
Point of invalidation: 1472.
Cipla daily chart technical analysis and potential Elliott wave count
The CIPLA daily chart indicates further growth in the 1758-60 zone in the future. This would end the compact wave 5 gray or intermediate (5) orange and end the uptrend to a greater extent. After this time, the bears are expected to return and a break below 1470 will be confirmed.
CIPLA is close to completing Intermediate Wave (5) Orange after splitting the sub into five waves from the low around 850-55 recorded in March 2023. Smaller waves 1 to 5 are almost complete as the final stage is underway and is expected to print around 1758 r. .
If the above holds, the stock price should ideally respond around 1760 and decline as the bears regain control. Moreover, a break below 1470-72, the completion of Minor Wave 4 Gray, would confirm that the trend has declined.
Cipla Elliott Wave Technical Analysis
Function: Higher degree Trend higher (medium degree orange).
Mode: Theme.
Structure: Impulse.
Position: Minor Wave 5 Gray.
Details: Minor Wave 5 Gray is progressing higher towards 1758, within the Intermediate Wave (5) Orange of 1472. Minute Wave ((v)) Gray may already be underway as the bulls attempt one last rally.
Point of invalidation: 1472.
Technical analysis of the Cipla four-hour chart and potential Elliott wave count
The CIPLA 4H chart also indicates that Minute Wave ((v)) Navy Minor Wave 5 Gray within Intermediate Wave (5) Orange is now en route after Minute Wave ((iv)) ended at approximately 1600-05. If the above is correct, prices should rise to the 1758 level, at least as predicted by the 0.618 Fibonacci extension here.
Application
CIPLA is approaching 1758 as the smaller wave 5 gray of the intermediate wave (5) orange prepares to end.
