WIPRO Daily and 4H charts are indicating a larger degree trend higher in the stock as it continues to unfold within Minor Wave 3 of Intermediate Wave (5) Orange against the 420 low. The mode is motive with a structure of impulse, with Minute Wave ((iii)) Navy progressing higher within the Minor Wave 3 Grey. The stock has shown a progressive rally with the potential for bulls to remain in control as the wave counts unfold.
On the daily chart, WIPRO terminated Intermediate Wave (3) around 780 in October 2021, followed by a corrective drop to 350 in April 2023 marked as Intermediate Wave (4). With bulls in control, Minor Wave 1 Grey was potentially an impulse followed by a combination to terminate Minor Wave 2 Grey around 375. The stock is now seen progressing higher as Minor Wave 3 unfolds with an invalidation point at 420.
The 4H chart further supports the analysis, highlighting sub waves after Minor Wave 2 Grey completed around 380 in October 2023. Minute Wave ((i)) extended to the range of 545-550, while Minute Wave ((ii)) terminated around 420. Minute Wave ((iii)) is now in progress and could be extending against the 420 mark, indicating a continued bullish trend for WIPRO.
In conclusion, WIPRO is expected to continue advancing within Minute Wave ((iii)) of Minor Wave 3 of Intermediate Wave (5) Orange against the 420 mark. The analysis is conducted by Elliott Wave analyst Harsh Japee. The technical analysis and wave counts provide insights for traders and investors looking to navigate the price movements in WIPRO stock.
