ITC Limited Weekly Chart – Wave Y Targets Support Cluster

ITC has been trending lower since the ₹498.85 peak, carving out what appears to be a complex W-X-Y correction. The first leg (W) found support near ₹391.20, followed by a corrective bounce into X at ₹444.20. The decline since then has kept price under a descending trendline, respecting the larger corrective rhythm.

Wave Count

• Wave W: Completed into the ₹391.20 low.
  
• Wave X: Counter-trend rally capped at 444.20.
  
• Wave Y: Now unfolding, with sub-wave (C) still incomplete.
  

The broader structure hints that ITC may continue toward the support cluster (₹350–375) before this correction runs its course.

Indicators

• Volume: Muted on upticks – rallies lack buying strength.
  
• RSI (~44): Mid-zone, leaving space for further downside before oversold conditions.
  
• Weekly 50/100 MA crossover: Adds weight to the ongoing corrective bias.
  

Invalidation
A decisive break above ₹422.45 and sustained strength beyond 427 would question this bearish view, hinting at a possible shift back to bullish sequences.

Summary
Unless ITC reclaims higher ground above 422.45, the bias stays toward a Wave Y completion in the support cluster zone.

Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please do your own research (DYOR) before making any trading decisions.