DLF: Elliott Wave Analysis

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DLF daily chart

DLF hourly chart

From the above daily chart, prices have arrived near the support of the rising trend line, it is likely that this support will break, thus giving a bearish breakout. RSI is also moving towards oversold terrain which makes this stock not so strong.

As per hourly chart, the realty stock is on the brink to break the trend line support which can only happen if it breaks below 145 levels. Any move below 145 can make the sellers active which drag it till 136 levels.

From wave perspective, prices have moved up in a three wave structure which is labeled as wave a at one higher degree and after that wave b is still pending on the lower side which can be 61.8-100% of wave a to wave b of wave b (shown in hourly chart).

The summation is poised to falter once the level of 145 is broken which can plunge the stock price till 136 levels.

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