Sun Pharmaceuticals stock has been analyzed using the Elliott Wave theory to predict its potential movement. The analysis suggests that the larger degree trend is higher in the Intermediate Degree orange. The current mode is considered to be Motive, with a structure of Impulse and the position of Minute Wave ((v)) Navy. Minute Wave ((v)) of Minor Wave 3 Grey is expected to be complete around the 1950-75 range, with the 2000 mark serving as major resistance. Alternatively, it is possible that Minor Waves 3, 4, and 5 have already completed, and a larger degree corrective wave could begin soon. The invalidation point for this analysis is set at 1830, with a tightened risk for potential changes.
Looking at the daily chart of Sun Pharmaceuticals, it is indicated that Minor Wave 3 Grey may be close to completion around the 1975-80 zone. If this is correct, a turn lower could lead to Minor Wave 4 unfolding towards at least 1380. On the other hand, if Minor Waves 3, 4, and 5 have finished, a much deeper correction may be on the horizon. The stock previously hit a low around 790 in June 2022, marking the termination of Intermediate Wave (4) Orange. The subsequent rally is proposed to have sub-divided into three waves, with Minute Wave ((iv)) of 3 ending around 1380 in June 2024. Minute Wave ((v)) of 3 appears to be completing near the 2000 mark, signaling a potential corrective drop as Minor Wave 4 is expected to begin soon.
Examining the four-hour chart of Sun Pharmaceuticals provides a closer look at the sub-waves since Minute Wave ((iv)) of Minor Wave 3 concluded at 1380. The analysis suggests a high probability that Minor Wave 3 Grey has reached its end around 1975-80, indicating a downward move in the near future. In conclusion, Sun Pharmaceuticals may have concluded Minor Wave 3 Grey with Intermediate Wave (5) Orange near 1975-80. Traders are advised to watch for a corrective drop as Minor Wave 4 is anticipated to start unfolding soon.
In summary, the analysis based on the Elliott Wave theory for Sun Pharmaceuticals stock points towards a potential correction in the near future. Traders and investors should pay attention to the levels mentioned, such as 1975-80 as a possible completion point for Minor Wave 3 Grey. It is important to monitor the price action for any changes in the proposed wave counts and adjust risk accordingly. As always, the market is dynamic, and flexibility in trading strategies is key to success in navigating potential corrections and trend changes.
