Canara Bank: How to derive targets using Elliott wave and price action

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Elliott wave help us to navigate the trend of the market. Canara Bank has shown a good recovery since past 2 trading sessions and achieved our target of 291 in a single day and made high of 292.90. You can also do that especially if you know how to apply Elliott wave along with technical indicator for powerful setups.

We published the following article on Canara Bank pre-market on 1st March 2023 in "The Financial Waves Short Term Update" which our subscribers receive pre-market every day.

Canara Bank Hourly chart as on 1st March 2023 (Anticipated):

Canara Bank Hourly chart as on 2^nd March 2023 (Happened):

Wave Analysis as we published on 1st March 2023:

On the hourly chart, we have shown Parabolic sar which helps to identify entry and exit points and also to understand overall trend. As its shown sar dots have formed below the prices which is deemed to be bullish signal. Also, KST is moving close to zero line after showing positive crossover which suggests further good momentum can be seen. As per wave perspective, wave e has completed its movement on the downside and next leg is unfolding on the upside. We have also used Fibonacci tool, wherein wave f has retraced 38.2% of prior wave e and we can expect it to retrace 50% followed by 61.8% of prior wave.

In short, CANBK looks sideways to bullish. One can buy above 281 for move towards 291 as long as 271 holds on the downside.

Happened:

We can see that wave count have helped us to find out the trend reversal for Canara Bank well in advance. After completing wave e near 269 levels we had mentioned possibility of up move in form of wave f and the stock moved as we expected. In such choppy market, the stock is holding well on the upside. This early move can be easily identified using wave theory and simple price action.

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