EXIDE Industries with Fibonacci Retracement and Elliott Wave.

When combining basic price action and Elliott Wave with technical tools like Fibonacci retracement, it can lead to remarkable results in trading. See how we captured a significant fall in Exide Industries Ltd with the help of Fibonacci retracement and Elliott wave. Elliott wave helps to understand the overall maturity of the trend and if the rise is sustainable or not. Check out how the stock achieved both our Targets

We published the following research on Exide Industries Ltd on 10^th January 2025 in the “Vayu Momentum Report” which our subscribers receive pre-market every day.

Exide Industries Ltd Daily Chart Anticipated as on 10^th January 2025
Wave Analysis as on 10^th January 2025 -

On the daily chart, Exide Industries continued to move down in the form of lower high and lower low structure. Prices retested trendline and moved down from it which is a negative sign. Along with this, Since 6th January, prices have protected its prior day’s high which keeps the daily bias in favor of the bears.

We can see that prices have retraced more than 61.8% of the prior rise and now a journey towards 360 levels is expected which is 78.6% retracement prior raise. As per wave perspective currently primary wave (2) is ongoing on the downside which is subdividing. Wherein currently wave e is ongoing on the downside which opens possibility of a Diametric pattern.

In a nutshell, the current trend for Exide Industries is on the negative side. Sell on rise will be a prudent strategy which can drag the prices lower towards 385-380 levels or lower. On the upside 415 is the nearest hurdle to look out for!

Trade Setup for Positional Futures – Short positions can be created if stock moves towards 403 and breaks below 398 with stoploss 404.5 and target of 390 levels (One can book part tp near 393-395 levels and trail stoploss to cost.)

Exide Industries Ltd Hourly Chart Happened as on 15^th January 2025
Happened as on 15^th January 2025: As we were bearish on Exide Industries, the stock moved as expected and lost more than -7%, and BANG ON!! The stock achieved both our targets in the cash segment in Intraday and in futures and made a low of 365.05 levels. We were able to capture this entire fall with the help of Fibonacci retracement combined with the Elliott wave.

Fibonacci retracement is a technical analysis tool that can help traders and investors identify potential support and resistance levels for an asset.

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