AFFLE (India) Ltd – Wave 2 Completion & Trend Reversal Setup

1. Fibonacci Retracement Completed at 0.786 – Wave Theory in Play: The stock appears to have completed a Wave 2 corrective phase, retracing nearly to the 0.786 Fibonacci level (~₹1,235.75 to ₹2,243.15 move). Price bounced sharply from that level, indicating strong buying interest and potential Wave 3 initiation, which is typically the most impulsive and extended wave in Elliott Wave theory. 2. Bullish Trendline Respect and Breakout Attempt: After bottoming out, the price has respected a new ascending trendline (purple) and is now breaking above previous key Fibonacci levels — specifically the 0.5 level at ₹1,739. Sustained close above this will confirm bullish momentum resumption and potentially open the path to retest ₹1,858 (0.618) and beyond. 3. Long-Term Ascending Triangle Support Intact: The stock has respected its multi-month ascending triangle base (thick red line), further reinforcing the bullish long-term structure. 📈 Price Levels to Watch: Level Type Price (INR) Support (Wave 2 low) ₹1,235.75 Breakout Confirmation ₹1,739 Resistance Ahead ₹1,858 / ₹2,027 Ultimate Wave 3 Target ₹2,243+ (Wave 1 high and extension zone)