Zomato Ltd. is poised to resume its uptrend after completing wave IV, with Elliott Wave analysis pointing toward a strong rally in wave V.
Zomato maintains a strong bullish Elliott Wave outlook. The daily chart suggests that wave IV has likely ended, paving the way for the final advance in wave V. This rally is part of a long-term impulsive cycle that began near ₹44.59—also the key invalidation level.
Long-Term Elliott Wave View
From the 2022 lows, the stock developed a clean five-wave impulse, which culminated in a major wave III peak. Afterward, a deep correction unfolded as wave IV, forming a classic ((A))-((B))-((C)) zigzag structure. This corrective move concluded with a clear five-wave decline into the bottom of wave ((C)), signaling the end of the correction.
As a result, Zomato is now likely in the early stages of wave V. This final leg of the cycle could push the price well beyond its previous high. Potential upside targets range between ₹320 and ₹360 over the coming months.
Short-Term Development and Strategy
Looking at the smaller degree structure, the early part of wave ((1)) in V is already forming. A brief pullback in wave ((2)) may follow, offering an opportunity for traders to position with the trend. This setup aligns with a bullish continuation pattern.
Importantly, the chart includes a “Right Side” tag pointing upward. Additionally, the note “We Do Not Recommend Selling” supports the bullish case. These indicators confirm the preferred strategy is to buy pullbacks.
Conclusion
Zomato appears poised for further gains. As long as the price stays above ₹44.59, the uptrend remains intact. Traders and investors should stay on the bullish side and look for pullbacks in wave V to enter long positions.
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