Chart update : Axis Bank

Axis Bank Elliot Wave:

Axis bank is trading very close and taking support to year old trend line.  My preferred Elliot wave count is marked in chart. 61.8 % target of wave 5 is already achieved.   If we are having extended wave 5 then targets are 1275(78%) and 1230 (100%) of wave 3.

 On the other hand if Wave 5 is finished then targets are 1335 above which it can shoot up to 1370 & 1390

Axis Bank Traditional Analysis:

Axis Bank is consolidating in rectangle with boundaries at 1335 and 1285. Trend line support is at 1275  & 5 month low sma is at 1287. Break of 1275 which is comfortably below year old (RED) trend line, target for the pattern is 1235 which is very close to 100% target of wave 5. On the other hand break of 1335 target is 1385.

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