InterGlobe Aviation Ltd, trading as IndiGo, is in a long-term uptrend according to Elliott Wave analysis. The stock completed a higher-degree Wave III around ₹6,000 and entered a Wave IV correction. This pullback is part of a larger positive cycle, beginning when Wave II ended in 2020 and there was a strong increase in Wave III. The current decline, part of Wave IV, is likely forming a double correction. A blue box support zone exists between ₹4,774 and ₹5,232, derived from Fibonacci extensions. Markets frequently react at such zones, and buying activity could occur here to support the main trend. A subsequent three-swing bounce is anticipated before potentially continuing lower to complete a ((W))-((X))-((Y)) structure within Wave IV. The stock holds a Right Side Tag indicating buying is preferable, with invalidation at ₹1,487. As long as prices remain above this level, the upward trajectory is expected to continue, leading to Wave V, which could push the stock to new highs. The correction into the blue box presents a buying opportunity for those following the dominant trend, and with Wave IV near completion, Wave V may offer further upward potential. Based on the current technical setup, it appears InterGlobe Aviation is in a corrective phase after peaking near ₹6,000 earlier in 2025. This Wave IV pullback is considered a normal and healthy part of a larger uptrend. For derivative traders, this presents a potential opportunity to position for the next upward move. As the stock approaches this support area, selling cash-secured puts or initiating bull put spreads with strike prices below ₹4,774 could be a viable strategy. These positions benefit from time decay and a potential rebound in the underlying stock price. This positive technical outlook is supported by strong fundamental data. Recent figures from India’s Directorate General of Civil Aviation (DGCA) for November 2025 showed a 9% year-over-year increase in domestic passenger traffic, reflecting robust travel demand heading into the holiday season. IndiGo has maintained its dominant market share, recently reported at just over 61%, indicating strong operational performance. Furthermore, the cost environment has become more favorable for the airline sector. After a spike in mid-2025, Brent crude oil prices have stabilized in the $75-$80 per barrel range, providing some relief on Aviation Turbine Fuel (ATF) costs. This helps protect profit margins and makes the company’s earnings outlook more attractive at these corrected price levels. Given the expectation of a bottom forming, we should monitor implied volatility levels. An increase in IV as the price dips into the support zone would make selling options premium more attractive. The primary risk to this view would be a decisive break and close below the ₹4,774 level, which would suggest a deeper correction is underway. As long as the price remains above the long-term invalidation point, the primary trend is considered positive. The completion of this Wave IV correction is expected to lead into a powerful Wave V rally.

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