Elliott Wave View: WIT (WIPRO) Should Expect Short Term Correction

Wipro Limited (WIT) operates as Information technology, Consulting & Business process services company globally. It operates through three main segments, IT Services, IT Products & India State Run Enterprise Services. The company is based in Bengaluru, India (ADR stock) & trades under $WIT ticker at NYSE. It comes under Technology sector as Information Technology services Industry.

WIT – Elliott Wave Daily View:

WIT consolidates since October-2010 high to March-2020 low between $5.69 – $2.52 range. But after global sell off ends in early last year during Covid Pandemic, it started the impulse sequence higher & rise almost 4X from the bottom. It appears like ended the sequence at $9.96 high on 10/19/2021 & starts correcting lower against the cycle from March-2020 low.

It made a low at $2.52 on 3/19/2020 after long consolidation from October-2010 high & started new cycle higher. It favored ended ((1)) at $3.20 high on 4/07/2020. It placed ((2)) at $2.79 low on 5/14/2020 as expanded flat retraced 0.618 of previous cycle. The wave ((3)) favored ended at $6.74 high on 2/12/2021 as third wave extension. Wave ((4)) was a shallow correction favored ended at $6.09 low on 4/14/2021. While above there, it placed ((5)) at $ 9.96 high on 10/19/2021 to end the cycle as I red started from March-2020 low.

In short term cycle, it favored ended ((W)) at $8.34 low, while above there it correcting higher in ((X)). It expect to end ((X)) soon between $8.77 – $9.04 area & turn lower again in ((Y)) within the double correction lower as II. We don’t like selling it & would like to buy the equal leg area lower for next cycle up or at least 3 swing upside.

Source: https://elliottwave-forecast.com/stock-market/elliott-wave-view-wit-wipro-expect-short-term-correction/