Hindalco: Elliott Wave Forecast and Inverse Head and Shoulder Pattern

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Hindalco daily chart


In my last article on Hindalco, I had mentioned that it will move down in the form of wave ii which was ongoing. Now since wave ii is over and wave iii has started, there are high chances that prices will surge from current levels. Here is the link of the article


An inverse Head and Shoulder is also been seen where the bullish breakout is seen as prices closed above the neckline (black horizontal line) with reasonable volumes. The target of the pattern comes to around 245 odd. Currently the CMP of this metal stock is at 208 levels.

As per wave theory, prices have completed wave ii and is all set to break the resistance line to move up in the form of wave iii. Now if wave iii is equal to wave i to wave ii then it will come to around 223 levels where the trend line resistance is placed. If wave iii is 161.8% of wave i to wave ii then it can move till 245 levels which is also the target of the above pattern mentioned.

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