VIP Industries – Rising Channel Breakdown, Support Zone in Focus

Chart Structure
The stock completed a wave 3 advance up to 492.30. What followed is a corrective W–X–Y structure, which probably might test the previous breakout zone around 408–400. This aligns with the 0.382 Fibonacci retracement and previous Wave 1 high, providing strong support.

Key Observations

• The corrective leg has unfolded on weak volume, typical of a Wave 4 structure.
  
• Recent breakdown from the rising channel suggests a final (c) leg of Wave Y into the blue support zone.
  
• A possible wave (b) retest of the broken channel cannot be ruled out before the final dip.
  
• As per Elliott Wave rules, Wave 4 must not overlap Wave 2 (391.85) – keeping structural integrity intact.
  

Trade Plan
Entry Zone:Strictly in the 408–400 support band.
Stop-Loss: 391.85 (under prior Wave 1 high, violation would invalidate the count).
Target: A new high above Wave 3, i.e., ≥492.30, as Wave 5 should extend beyond Wave 3.

Volume Insight
Correction is unfolding on weak volume – confirmation of Wave 5 will require a green volume expansion from the support zone.

Conclusion
As long as 391.85 holds, the Wave 4 correction is near its end. A rally into Wave 5 with targets above 492 remains the primary scenario. However, patience is key – entry only in the marked support band.

Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please do your own research (DYOR) before making any trading decisions.