MAHINDRA & MAHINDRA – Elliott Wave Technical Analysis (1D Chart)
Mahindra & Mahindra Elliott Wave Technical Analysis
Function: Larger Degree Trend Higher (Intermediate degree, Wave (5) Orange)
Mode: Motive
Structure: Impulse
Position: Minor Wave 4 Grey
Details: Minor Wave 4 Grey might be complete as an expanded flat around the 2700-20 range, or could drag to one more low (2500-50), within Intermediate Wave (5) Orange against 1400. If correct, Minor Wave 5 Grey should be underway soon.
Invalidation point: 1400
MAHINDRA & MAHINDRA Daily Chart Technical Analysis and potential Elliott Wave Counts:
MAHINDRA & MAHINDRA daily chart is indicating a religious uptrend, which has completed Minor Wave 4 around the 2700 mark or is near to completion around 2500-50 range. The stock could then turn higher again pushing through 3400 levels.
MAHINDRA & MAHINDRA stock prices had dropped through 675 lows in March 2022; carving Intermediate Wave (4) Orange. The subsequent rally thereafter suggests Minor Waves 1, 2 and 3 are complete and Wave 4 is potentially complete around 2700 mark.
If the above proposed structure holds well, the stock could first drop towards 2500-50 range then turn higher to complete Minor Wave 5 above 3400 levels.
MAHINDRA & MAHINDRA – Elliott Wave Technical Analysis (4H Chart)
Function: Larger Degree Trend Higher (Intermediate degree, Wave (5) Orange)
Mode: Motive
Structure: Impulse
Position: Minor Wave 4 Grey
Details: Minor Wave 4 Grey appears to have completed as an expanded flat within the 2700-2720 range but could extend into a complex combination pattern, dipping toward 2550. This pattern is part of Intermediate Wave (5) Orange, advancing against the invalidation level at 1400. If correct, Minor Wave 5 Grey should begin a strong upward move soon.
Invalidation Point: 1400
MAHINDRA & MAHINDRA 4H Chart Technical Analysis and Potential Elliott Wave Counts
The 4H chart for MAHINDRA & MAHINDRA sheds light on the price structure between Minor Wave 3 Grey and the subsequent movements. Minor Wave 4 likely developed as an expanded flat pattern ((a))-((b))-((c)), potentially completing near the 2700 level. However, there remains a possibility for a complex correction toward 2550.
Following the completion of Wave 4, Minor Wave 5 is projected to begin, pushing the stock higher against the 1400 level.
Technical Analyst: Harsh Japee
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Conclusion
MAHINDRA & MAHINDRA appears to be moving higher as it progresses within Intermediate Wave (5) Orange. A pullback to the 2500-2550 range might be followed by a sharp upward trend, targeting levels above 3400.