03Dec

Bajaj Auto Stock Elliott Wave Technical Analysis: Corrective Rallies, Price Forecasts, Wave Counts, and Trading Strategies for Investors

BAJAJ AUTO – BAJAJAUTO Elliott Wave Technical Analysis (1D Chart)

BAJAJAUTO Elliott Wave Technical Analysis

Function: Counter Trend (Minor degree, Grey) 

Mode: Corrective

Structure: Impulse within larger degree corrective structure

Position: Minor Wave 1 Grey

Details:
Minor Wave 1 appears to have completed around the 9080 level. If accurate, a counter-trend rally could soon develop, potentially concluding Minor Wave 2 Grey.

Invalidation Point: 12900

BAJAJ AUTO Daily Chart Technical Analysis and Potential Elliott Wave Counts

The BAJAJ AUTO daily chart suggests a significant high around the 12900 level, which appears to have marked the termination of Intermediate Wave (5) Orange. Since then, the stock has shifted downward, forming an impulsive wave that has reached approximately 9000 at the time of this analysis.

If this scenario holds true, a corrective rally could emerge, reversing recent lows and pushing the stock towards the 11000 level in the short term. Historically, BAJAJ AUTO experienced a drop to the 3000-100 range in December 2021.

Following that decline, the stock completed a five-wave rally, comprising Minor Waves 1 through 5, which peaked at 12900. Bears have dominated since then, driving prices down to the 9000 range. A counter-trend rally appears imminent under these conditions.

BAJAJ-AUTO-1d-stock-...


BAJAJ AUTO – BAJAJAUTO Elliott Wave Technical Analysis (4H Chart)

BAJAJAUTO Elliott Wave Technical Analysis

Function: Counter Trend (Minor degree, Grey)

Mode: Corrective

Structure: Impulse within larger degree corrective structure

Position: Minor Wave 1 Grey

Details:
Minor Wave 1 likely concluded around the 9080 level. If accurate, the next phase could see a counter-trend rally, culminating in Minor Wave 2 Grey.

Invalidation Point: 12900

BAJAJ AUTO 4H Chart Technical Analysis and Potential Elliott Wave Counts

The BAJAJ AUTO 4H chart highlights the sub-waves stemming from Minor Wave 3 Grey, which ended near the 10100-10200 range in June 2024. Minor Wave 5 subsequently surged to the 12900 level, unfolding in five distinct waves. Following this, the stock reversed from its all-time highs and descended to the 9000 level.

Currently, the price hovers close to breaching the previous Wave 4 of one lesser degree, located around the 8770 mark. The initial decline between 12900 and 9000 resembles an impulsive wave. If accurate, a rally could soon begin, completing Minor Wave 2 Grey.

Technical Analyst: Harsh Japee

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BAJAJ-AUTO-4h-stock-...


Conclusion

BAJAJ AUTO appears to have concluded Minor Wave 1 near the 9000 level or is approaching its completion. A bullish correction may soon take shape, paving the way for Minor Wave 2 Grey as buyers regain control.

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