NEPSE Elliott Wave 5 Bullish Breakout Target

NEPSE Elliott Wave analysis Nepal — NEPSE Elliott Wave 5 Bullish Breakout Target. NEPSE technical analysis by Ananta Dhungana.

Signal: bullish

Current Elliott Wave count: Wave 5

• Preferred levels:
• Resistance: 2800
• Stop Loss: 2546
• Invalidation: 2469.37
• Breakout: 2800

As we previously discussed, the fifth wave is likely to unfold with wave e forming around or slightly below the 78.6% Fibonacci level, which coincided with a Fibonacci cluster. The NEPSE index responded perfectly to this zone and is now headed towards the fifth wave. For now, our stop-loss (SL) should be at 2546 points. We'll need to wait for a retracement to take fresh entries on the second wave of the fifth wave. It's essential to observe where the first wave completes its cycle, as a breakout above 2800 is ultimately required. This level also holds psychological significance, making it a key hurdle to overcome.