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IEX - Potential reversal from the 2 years consolidation phase

Nation wide, automated and transparent trading platform for physical delivery of electricity, renewables & certificates, holds market share of 80%.

Elliott Wave Analysis
Wave (1) indicates a strong uptrend, peaking around the INR 253.

Wave (2) shows a retracement, aligns with the 38.2% Fibonacci level around INR 122 and a period of consolidation, forming a rounding bottom pattern.

Rounding Bottom
The chart indicates a strong technical setup with a rounding bottom pattern, suggesting a potential reversal from the 2 years consolidation phase. The volume breakout further supports the bullish outlook.

Potential Price Targets:
The immediate resistance can be expected around the previous high at INR 253. If the uptrend continues, the long term target will be INR 383.

The level of INR 160 serves as a immediate support and 38.2% Fibonacci retracement level at INR 122 will be critical support level from long term view point.

Disclaimer: The information and publications are not meant to be, and do not constitute, financial, investment, trading or any other types of advice or recommendations.

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