Axis Bank Elliott Wave Analysis

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 Axis Bank daily chart

Axis Ban hourly chart

As per daily chart, the banking stock, tried to break the rising trend line support but quickly picked up momentum and turned higher. Daily RSI have taken support from its previous low marked by horizontal black line, indicating that prices might jump from current levels.

From hourly chart, there is no discontinuation of higher high and higher lows and so as far as prices persists in the rising channel the bias is positive and can rest till its previous high or near to it. Prices can travel till 685-689 levels over short term with support at 648 (closing basis). There is still some vacuum for RSI to reach till overbought terrain.

As per Wave theory, the stock is moving in wave b which looks to be a flat, irregular flat or running flat pattern. It will depend how wave b will move or much percent till will retrace of wave b as compared to wave a of wave b. At present till has retraced 80% of wave a of wave b and can move till 100% or even 123.6% going ahead.

The summation is Axis Bank is supposed to travel till 685-689 levels over short term with support at 648 (closing basis).

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