Axis Bank: Five Waves down

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Axis Bank Daily Chart


Axis Bank which is one of the underperformer in the banking sector has now shown signs of cooling of the downfall. There are numerous technical reasons behind it. 

Prices bounced from the lower end of the red channel and is facing the resistance. For a trend to change the stock needs to close above 680 levels which will give a bullish break in the rising channel formation. Once it is done it will also move above 20 EMA (red). Sustaining move above 680 will surge price near 61.8% of the fall.

Elliott Wave theory indicates that, five waves down are down in which wave iv was a expanding triangle followed by wave v. Prices are poised to move till 61.8% which comes to 750 levels which can be wave ii or wave b. 

In short, expect prices to change the direction and move till 750 levels. A positive confirmation by price will be obtained by crossing 680 levels decisively.

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