ALKEM LABORATORIES – Weekly Elliott Wave View
The chart presents a clear 5-wave Elliott impulse in progress. Wave 4 appears to be completed or near completion, resting at the golden 0.618 Fib level of Wave 3. The broader uptrend remains intact inside the long-term channel.
Key Levels:
Support: ₹4,475 – ₹3,956
Resistance: ₹5,272, ₹6,439, ₹6,700, and ₹8,407 (Wave 5 projection)
RSI at 40.58 indicates consolidation but signs of bullish divergence are emerging. A strong bounce from current support could trigger Wave 5 toward new highs.
Bias: Bullish | Awaiting Wave 5 Initiation
The chart presents a clear 5-wave Elliott impulse in progress. Wave 4 appears to be completed or near completion, resting at the golden 0.618 Fib level of Wave 3. The broader uptrend remains intact inside the long-term channel.
Key Levels:
Support: ₹4,475 – ₹3,956
Resistance: ₹5,272, ₹6,439, ₹6,700, and ₹8,407 (Wave 5 projection)
RSI at 40.58 indicates consolidation but signs of bullish divergence are emerging. A strong bounce from current support could trigger Wave 5 toward new highs.
Bias: Bullish | Awaiting Wave 5 Initiation
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