Technical Analysis with Elliott Wave Insight

6 Kas 2023

Today, we're exploring Ward Wizard Innovations & Mobility Ltd., an Indian electric vehicle manufacturer, with an intriguing twist of Elliott Wave theory for market insights.

Before we dive into the waves, here's some background:

Ward Wizard Innovations & Mobility Limited is a publicly-held electric vehicle manufacturing company based in India. It's dedicated to producing eco-friendly electric scooters and vehicles. Not just in India, but its impact extends to countries like Uganda and Nepal.


Now, back to the chart and Elliott waves:

Recently, the stock witnessed a substantial decline from January 2022 to July 2023, followed by a period of consolidation.

Going back to its origins in May 2015 up to July 2021, we identify a significant wave ((1)), marking a robust upward trend.

This was followed by wave ((2)), an Expanded Flat correction (A)-(B)-(C) in blue. Wave ((2)) concluded near 161.8% of wave (A) as wave (C) of ((2)).

Now, the exciting part:

The best possibility is that we're currently experiencing a significant wave ((3)), known for bringing about robust upward momentum. This wave holds the potential to surpass previous all-time highs.
Elliott Wave theory is a captivating tool, helping us understand market psychology and forecast future price movements based on wave patterns.

Remember, there's a crucial detail:

We've set an invalidation level at 33.20, representing the low of July 2023. If prices drop below this level, it might indicate a different wave scenario.

Conclusion:
Our analysis hints at the potential for a strong bullish wave ((3)).
Markets are full of surprises, and risk management is your best companion on this journey.

I am not Sebi registered analyst. My studies are for educational purpose only.
Please Consult your financial advisor before trading or investing. I am not responsible for any kinds of your profits and your losses.

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Hope this post is helpful to community
Thanks
RK💕

Disclaimer and Risk Warning.

The analysis and discussion provided on in.tradingview.com/u/RK_Charts/ is intended for educational purposes only and should not be relied upon for trading decisions. RK_Charts is not an investment adviser and the information provided here should not be taken as professional investment advice. Before buying or selling any investments, securities, or precious metals, it is recommended that you conduct your own due diligence. RK_Charts does not share in your profits and will not take responsibility for any losses you may incur. So Please Consult your financial advisor before trading or investing.