Waterbase: Elliot wave patternWaterbase LimitedBSE_DLY:WATERBASENileshTheteThe long-term price structure of Waterbase Ltd displays a complete impulsive Elliott Wave cycle followed by a corrective phase, aligning well with classical EW principles. Impulse Phase (Cycle Degree) Wave (1): The initial impulse emerged after a prolonged base-building phase, marking a decisive shift from accumulation to trend initiation. Wave (2): A sharp corrective retracement followed, respecting prior structure and holding above long-term support, indicating healthy profit-taking rather than trend failure. Wave (3): The strongest and most extended wave of the cycle, characterized by rapid price expansion and rising volumes, confirming institutional participation. Wave (4): A sideways to complex correction unfolded, showing alternation with Wave (2) in both form and time, and holding above the Wave (1) peak — a textbook bullish trait. Wave (5): The final advance culminated in a blow-off top, completing the five-wave impulse at cycle highs. Corrective Phase (A-B-C Structure) Post the Wave (5) peak, price entered a large corrective decline, unfolding as a multi-year ABC correction. The current price action suggests Wave (C) termination near the long-term demand zone (~₹44), highlighted on the chart. The structure and momentum loss indicate selling pressure exhaustion, increasing the probability of a medium- to long-term trend reversal. Current Outlook The marked Wave (2) at the recent lows suggests the possibility that a new impulsive cycle may be forming, subject to confirmation via: Sustained closes above the demand zone Expansion in volume Break above key corrective highs Conclusion The Elliott Wave structure reflects a completed bull cycle → deep corrective phase → potential base for a new uptrend. The highlighted support zone is structurally critical; holding above it strengthens the case for long-term accumulation, while a decisive breakdown would invalidate the current bullish alternate.