Idfc first bank Long

Elliott Wave analysis is a technical analysis method used to forecast market trends by identifying extremes in investor psychology, highs and lows in prices, and other collective factors. It is often used for stocks, forex, and other financial instruments.

To perform an Elliott Wave analysis on IDFC First Bank on a daily time period, you need to follow these steps:

Data Collection: Gather daily price data for IDFC First Bank. This includes open, high, low, and close prices.

Chart Preparation: Plot the daily price data on a chart.

Wave Identification: Identify the waves according to Elliott Wave principles:

Impulse Waves: These are the main movement waves, consisting of five waves (labeled 1, 2, 3, 4, 5).
Corrective Waves: These are the counter-trend waves, consisting of three waves (labeled A, B, C).
Wave Rules: Apply Elliott Wave rules to validate the wave counts:

Wave 2 cannot retrace more than 100% of Wave 1.
Wave 3 cannot be the shortest of Waves 1, 3, and 5.
Wave 4 cannot overlap Wave 1 in impulse waves.
Projections and Extensions: Use Fibonacci ratios to project the lengths of the waves.

Let's begin by plotting the daily price data of IDFC First Bank. If you have the data ready, you can upload it. Otherwise, I can use sample data to demonstrate the analysis.

Do you have the data file to upload, or should I proceed with a general explanation and example?