SOBHA LTD. – Entering Wave (5)? | Elliott Wave Analysis 🏗️

📈 Chart Pattern Overview: You're tracking a clear Elliott Wave count with: ✅ Impulsive Waves: (1), (3), and potentially now (5) ✅ Corrective Waves: (2) and (4) completed Wave (3) shows strong momentum and steep rise, typical of extended impulsive waves Wave (4) has been a deep correction (~50%+ retracement), showing healthy reset of the trend 🔢 Current Setup: 🧭 Wave Count Status: Wave (1): ~₹300 to ₹960 (2021–2022) Wave (2): ~₹960 to ₹450 (2022–2023) Wave (3): ₹450 to ₹2,200 (2023–early 2024) — strong, extended wave Wave (4): ₹2,200 to ₹1,050 (2024–early 2025) — deep correction Wave (5): likely in progress – breakout above ₹1,800 will confirm it 🔍 Technical Observations: 📉 Wave (4) Correction: Typical zigzag or flat, tested key support at ₹1,050 (previous breakout zone) 🔄 Currently in Wave (5) Uptrend: Higher lows visible, strong price bounce, positive momentum 📊 Price Action: Bullish weekly candle with 11.6% gain suggests beginning of Wave (5) impulse 🧱 Crucial Resistance: ₹1,800–₹1,850 zone is a neckline and Wave (4) supply zone Breakout above this will validate Wave (5) breakout Could lead to price discovery zone 📐 Projection – Wave (5) Target (Fibonacci Based): Using Fibonacci Extension from Wave (1)-(2)-(3): ✅ Wave (5) = 61.8% of Wave (3) → Target = ₹2,950 (approx) 🚀 Aggressive Target = 100% of Wave (1) = ₹3,300+ (Assumes breakout above ₹1,850 with volume) 📘 Elliott Wave Notes: Wave (4) correction was deep (normal after extended Wave 3) If Wave (5) plays out fully, it could be a final leg before a bigger correction (larger degree ABC) Time symmetry also aligns — Wave (2) & Wave (4) had similar durations (~9–11 months)