BAJAJ AUTO – BAJAJAUTO Elliott Wave Analysis (1D Chart)
Function: Larger Degree Trend Higher (Intermediate degree, orange)
Mode: Motive
Structure: Impulse
Position: Minor Wave 5 Grey
Details: Minor Wave 5 Grey is now moving higher from the 9382 low. The breakout above the 11060 level confirms that the larger degree trend is progressing higher as Intermediate Wave (5) unfolds. A potential push above the 11500 mark seems likely, signifying the end of this wave.
Invalidation point: 9382
BAJAJAUTO Elliott Wave Technical Analysis
BAJAJ AUTO Daily Chart Technical Analysis and Potential Elliott Wave Counts:
Bajaj Auto's daily chart shows a strong upward trend, suggesting more potential room for growth. The next significant price level to watch is above 11500, which may conclude Intermediate Wave ((5)) Orange. After that, a correction is anticipated.
Since December 2021, Bajaj Auto has delivered a remarkable 300% return, rising from its lows around 3050. The current trend, marked by Intermediate Wave (5), is approaching a potential final upward move before terminating.
The stock has demonstrated an extension in the third wave, specifically Minute Wave ((iii)) Navy of Minor Wave 3 Grey. This extension spanned from 3400 to the 9300-9400 region over 18 months. Fibonacci extensions suggest a longer-term target of 13000 for Minor Wave 5.
BAJAJ AUTO – BAJAJAUTO Elliott Wave Analysis (4H Chart)
Function: Larger Degree Trend Higher (Intermediate degree, orange)
Mode: Motive
Structure: Impulse
Position: Minor Wave 5 Grey
Details: Minor Wave 5 Grey is advancing higher from the 9382 low. The break above 11060 confirms that the larger degree trend continues upward. In this timeframe, Minute Wave ((iv)) Navy is expected to pull back towards the 10000 level. Upon completion of this pullback, Minute Wave ((v)) should resume its upward trajectory, potentially pushing prices above 11500.
Invalidation point: 9382
Bajaj Auto 4H Chart Technical Analysis and Potential Elliott Wave Counts:
The 4H chart shows the wave structure between the termination of Minor Wave 3 Grey and the current price near the 10800 level. Minor Wave 4 completed as a corrective wave combination (w)-(x)-(y) around the 8790 level on July 23, 2024.
Following that low, the rally appears to be forming an impulsive pattern with Minute Waves ((i)), ((ii)), ((iii)), and ((iv)) potentially complete as prices hover near 10800. If this pattern holds, Minute Wave ((v)) could push higher and test the 11500 level.
Technical Analyst: Harsh Japee
Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here
Previous: INFOSYS Elliott Wave Technical Analysis
Special Trial Offer - 0.76 Cents a Day for 3 Months! Click here
Access 7 Analysts Over 200 Markets Covered. Chat Room With Support
Conclusion:
Bajaj Auto remains in an upward trend as Minute Wave ((v)) of Minor Wave 5 progresses toward the 11500 level. Once this level is reached, it could signal the conclusion of Intermediate Wave (5), setting the stage for a bearish correction to follow. The larger Elliott Wave count suggests that after this final push higher, the market may shift direction.