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Since April 2024, IDEX Corporation (NYSE:IEX) has been in steady decline, sliding from the $244 region to the current $165 levels. While such a move may appear to be a routine correction, under the lens of the Adhishthana Framework, the structure suggests something deeper: IDEX may already be traversing the descent leg of its Himalayan Formation, a phase that could ultimately drag the stock back toward the $110–115 zone.
According to the Adhishthana Principles, stocks often construct a Cakra between Phases 4 and 8, a channel-like structure that tends to hold bullish implications. The true inflection, however, emerges in Phase 9, when a decisive breakout typically initiates the Himalayan Formation, a three-part sequence of:
IDEX has closely mirrored this progression on the monthly charts. The stock entered its Cakra formation in Phase 4 back in 2002, persisting there for over 5,300 days.
In Phase 9, it broke decisively higher, validating the framework as IDEX surged nearly 61%. This momentum extended into Phase 10, when shares reached ~$246, a likely culmination of the Himalayan ascent.
As I outlined in Adhishthana: The Principles That Govern Wealth, Time & Tragedy, regarding peak formation in Phase 10:
"The 18th interval is expected to be the level of peak formation; if not, then the 23rd interval. If this phase concludes without forming the peak, it is anticipated to occur in the following phases."
For IDEX, the peak aligned with these intervals. The stock has since rolled over sharply, consistent with the initiation of the descent leg.
Within the Adhishthana construct, the descent leg typically targets the point of origin of the Cakra breakout. For IDEX, that level rests near $115, a potential downside risk from here.
The structural peak for IDEX appears firmly in place. If the Adhishthana cycle continues to unfold, the descent leg may persist until the stock revisits its breakout origin.
In short: while the stock's long-term trajectory has adhered faithfully to the Adhishthana principles, the near-to-medium term signals a continued descent.
Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.
Posted In: IEX
