COAL INDIA LTD (COALINDIA) is currently undergoing a counter-trend lower movement at a minor degree level, according to Elliott Wave technical analysis. The mode of the movement is corrective, with a potential impulse formation within a larger degree correction. The stock is currently positioned at a lower degree Wave ((iv)), which is not labelled on the daily chart. The potential top is estimated to be around 550, marking the termination of Intermediate Wave (5) Orange. If this analysis is correct, the near-term target for the stock could be 460, with the invalidation point set at 550.
On the daily chart of COAL INDIA, there are indications that the stock may be shifting its overall trend, with a potential top seen at 550, marking the end of Intermediate Wave (5) Orange. The stock has been progressing higher since hitting a low of 206 in March 2023, subdividing into Intermediate Waves (1) through (5) Orange. If the current analysis holds true, bearish momentum could continue with prices remaining below 550 and moving towards the 460 mark before any potential reversal could occur. A break above 550 would signal a change in the current market structure.
Looking at the four-hour chart of COAL INDIA, the Elliott Wave technical analysis points to a counter-trend lower movement at a minor degree level, with a corrective mode and a potential impulse formation within a larger degree correction. The stock is currently positioned at a lower degree Wave ((iv)), which is not labelled on the daily chart. The potential top at 550 could mark the termination of Intermediate Wave (5) Orange. The current price action suggests a near-term target of 460, with the invalidation point still set at 550.
The 4H structure of COAL INDIA has been adjusted to reflect the termination of Intermediate Wave (5) Orange around the 550 mark. Sub waves following the 550 high have been identified as Minor Waves 1 through 4 Grey on the chart. If the analysis is accurate, the stock is likely to experience another drop towards the 460 levels in the coming trading sessions. Alternatively, the 550 high could signify Minor Wave 1 of Intermediate Wave (5), with the recent drop being an expanded flat correction to end Minor Wave 2 Grey.
In conclusion, COAL INDIA appears to have turned bearish following the 550 high, with prices currently undergoing a first impulse drop at a minor degree towards 460 at least. The Elliott Wave analyst, Harsh Japee, provides this technical analysis of COAL INDIA LTD, suggesting potential price movements and targets based on wave patterns. The stock’s performance in the coming days will help confirm or refute these wave counts and potential price levels.
