Muthoot Finance: How to derive path using Advance tools.

Muthoot Finance comes under financial services sector. After 3 months of correction index have finally started to move up. Wherein, Muthoot finance has potential to show good rise in coming weeks. Let us understand detail analysis of it using Elliott wave and Time cycle.

Elliott wave along with price action helps to form powerful setups with good accuracy. By combining the Elliott wave with Time cycle, we can capture possible reversal in advance.

Muthoot Finance Weekly Chart
As shown on the Weekly chart, prices are moving higher in the form of Impulsive Pattern. Primary degree wave 4 of got completed on the downside near 911 levels and currently wave 5 is ongoing which is further subdividing in nature. The stock has shown an exponential rise in the form of wave 5 from the lows of 911 levels. Currently internal leg (v) is ongoing of wave 5. As shown on the Weekly chart the prices have shown an excellent rise and are moving precisely within the multi-year channel.

On the Weekly chart, we have a 46-period Time cycle plotted, and it is really effective in capturing the major low points which has been in sync with our Elliott wave counts. We can see that our cycle precisely captured the recent low in March 2023 where Primary wave 4 got completed on the downside which was also near the channel support. Thereafter, a sharp reversal on the upside was witnessed which is currently unfolding in the form of wave 5. Recently, we can see that the cycle has tuned on the buy side which highlights that now with further buying we can expect this positive rally to continue.

In nutshell, we can expect we can expect rise to continue in Muthoot Finance in form of internal (v) with the targets of 2420 or higher. On the downside 2040 is the nearest support which is also a recent low.

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