Hindustan Copper Ltd. (HINDCOPPER) Elliott Wave Analysis: Blue Box Wins Again, Bulls Take Control
Hindustan Copper Ltd. (HINDCOPPER) continues to respect the principles of Elliott Wave Theory, as the recent price action once again validated the power of the Blue Box area. Over the past few months, the stock underwent a deep and complex correction, but as anticipated, buyers showed up exactly where they were expected—within the Blue Box support zone. This reinforces the reliability of the Blue Box as a high-probability area for a trend resumption.
Elliott Wave Structure from 01.14.2025
From the 2022 lows, HINDCOPPER advanced in a clear five-wave impulsive structure, culminating in a peak near ₹353.60. This rally marked the end of wave ((3)). What followed was a typical WXY double correction pattern in wave ((4)). This correction retraced deep into the Fibonacci zone between the 100% and 161.8% extension, marked as the Blue Box.
The chart from January 14, 2025, highlighted this Blue Box support area between ₹234.77 and ₹182.28. Price action at the time had just entered the zone, and the wave count suggested the completion of the corrective sequence. Fast-forward to the latest chart dated April 21, 2025, and the outlook has played out beautifully. The stock reversed precisely from the Blue Box area, with wave C of ((4)) completing the correction.
Current Outlook: Blue Box Reaction
The bounce from the Blue Box confirms completion of wave ((4)) and the beginning of new cycle in wave ((5)). The updated chart shows an impulsive structure emerging from the lows, reinforcing the idea that the trend has shifted back to the upside. The message “We Do Not Recommend Selling” and the “Turning Up” tag at the bottom of the chart align perfectly.
As long as price remains above the invalidation level of ₹93.60, the bias remains firmly bullish. The stock is now poised to challenge previous highs and potentially extend beyond ₹420 in the coming months.
