Structural follow-through after multi-year base resolution
🔹 CONTEXT
Hindustan Copper has transitioned from a prolonged basing phase into a higher-degree advance. The recent move is best understood as structural continuation rather than momentum-driven expansion.
01-FEB-2024
🔹 STRUCTURE SNAPSHOT
• Higher-degree trend: Resumed / intact
• Nature of current phase: Post-breakout digestion
• Impulse vs correction: Impulse dominant, correction shallow
• Time behaviour: Multi-year base → expansion → pause
• Confirmation status: Partial follow-through achieved
🔹 WHAT IS HAPPENING
Price has resolved above the long-term base formed over more than a decade, followed by a strong impulsive leg. The recent consolidation is occurring above former resistance, indicating acceptance rather than rejection. Structure remains orderly and non-overlapping on higher timeframes.
🔹 WHAT IS NOT HAPPENING
• No breakdown back into the long-term base
• No impulsive bearish reversal structure
• No higher-degree trend violation
• No signs of exhaustion typical of terminal moves
🔹 WHAT WOULD MATTER GOING FORWARD
• Sustained acceptance above former breakout zone
• Further impulsive expansion after time digestion
• Respect of higher-degree structural supports
• Continuation without deep retracement into prior ranges
🔹 CONCLUSION
HINDCOPPER continues to validate the long-term structural thesis laid out earlier. Until the broader structure is violated, this phase should be treated as structural digestion within a larger advance, not a reversal.
🔹 DISCLAIMER
This analysis is for educational purposes only. It is not investment advice.
#MarketStructure #ElliottWave #HindustanCopper #LongTermInvesting #TechnicalAnalysis #IndianMarkets
01-FEB-2024: https://ewavesjournal.blogspot.com/2024/02/pse-miniratna-companies-01-feb-2024.html
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