Wipro Limited (WIT) operates as Information technology, Consulting & Business process services company globally. It operates through three main segments, IT Services, IT Products & India State Run Enterprise Services. The company is based in Bengaluru, India (ADR stock) & trades under $WIT ticker at NYSE. It comes under Technology sector as Information Technology services Industry.
WIT – Elliott Wave Daily View:
WIT consolidates since October-2010 high to March-2020 low between $5.69 – $2.52 range. But after global sell off ends in early last year during Covid Pandemic, it started the impulse sequence higher & rise almost 4X from the bottom. It appears like ended the sequence at $9.96 high on 10/19/2021 & starts correcting lower against the cycle from March-2020 low.
It made a low at $2.52 on 3/19/2020 after long consolidation from October-2010 high & started new cycle higher. It favored ended ((1)) at $3.20 high on 4/07/2020. It placed ((2)) at $2.79 low on 5/14/2020 as expanded flat retraced 0.618 of previous cycle. The wave ((3)) favored ended at $6.74 high on 2/12/2021 as third wave extension. Wave ((4)) was a shallow correction favored ended at $6.09 low on 4/14/2021. While above there, it placed ((5)) at $ 9.96 high on 10/19/2021 to end the cycle as I red started from March-2020 low.
In short term cycle, it favored ended ((W)) at $8.34 low, while above there it correcting higher in ((X)). It expect to end ((X)) soon between $8.77 – $9.04 area & turn lower again in ((Y)) within the double correction lower as II. We don’t like selling it & would like to buy the equal leg area lower for next cycle up or at least 3 swing upside.
Elliottwave Forecast updates 1-hour charts four times a day & 4-hour charts once a day for all our 78 instruments. We do a daily live session where we guide our clients on the right side of the market. In addition, we have a chat room where our moderators will help you with any questions you have about what is happening in the market at the moment. You can try us for 14 days for only $9.99.
Back
