Larsen and Toubro Elliott Wave Analysis

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 LT daily chart


LT hourly chart


As per daily chart, the stock is moving in a positive direction by crossing its previous high. Prices are moving in a sideways direction after a dynamic rise, this normally happens in-order to digest the recent rise. Daily RSI is also relieving from the overbought zone and can soon move back in.

From hourly chart, prices are moving in a rising channel and have reversed from the resistance of it. There is a high possibility for the stock to move in a triangle pattern, only if the level of 1505 is protected on the downside, any move below this level will drag price near to its next support of the gap which comes to around 1465 levels. However, RSI is near to oversold zone and can reverse anytime soon, if prices reverse from 1505 levels.

As per Wave theory, prices are moving in wave c in which it has completed wave iv and it is currently moving in wave v, in which it has completed wave iii and it is moving in wave iv (triangle pattern). Once this pattern is over, prices will move back up till 1600-1620 levels.

The summation is LT is set to soar till 1600-1620 levels as far as 1505 followed by 1465 is intact on the downside.

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