MARUTI SUZUKI INDIA – MARUTI (1D Chart) Elliott Wave Technical Analysis
MARUTI Elliott Wave Technical Analysis
Function: Counter Trend Lower (Intermediate Degree, Orange)
Mode: Corrective
Structure: Impulse within Larger Degree Wave A
Position: Minute Wave ((iii)) Navy
Details: Minute Wave ((iii)) continues moving lower, extending against the resistance zone at 13,680.
Invalidation Point: 13,680–13,685
MARUTI SUZUKI Daily Chart Technical Analysis and Potential Elliott Wave Counts
The daily chart for MARUTI SUZUKI highlights a possible trend reversal after the completion of Minor Wave 5 Grey within Intermediate Wave (5) Orange, peaking around the 13,680 resistance level. The stock appears poised to finalize its initial impulse wave lower, with Minute sub-waves unfolding against the 13,680 resistance.
Key observations:
- MARUTI SUZUKI saw a significant drop to 6,530 in March 2022, marking the conclusion of Intermediate Wave (4) Orange.
- The subsequent rally unfolded as an impulse consisting of Minor Waves 1 through 5 Grey.
- Notably, Wave 3 was an extension, while Wave 5 formed a diagonal pattern.
If this analysis is accurate, a major top has been established near the 13,680 levels, with the first impulse wave lower continuing to take shape.
MARUTI SUZUKI INDIA – MARUTI (4H Chart) Elliott Wave Technical Analysis
Function: Counter Trend Lower (Intermediate Degree, Orange)
Mode: Corrective
Structure: Impulse within Larger Degree Wave A
Position: Minute Wave ((iii)) Navy
Details: Minute Wave ((iii)) remains in progress, moving lower as an extension against the 13,680 resistance. Minuette Wave (iv) may currently be developing as a triangle.
Invalidation Point: 13,680–13,685
MARUTI SUZUKI 4H Chart Technical Analysis and Potential Elliott Wave Counts
The 4H chart for MARUTI SUZUKI outlines sub-wave developments after Minor Wave 3 Grey terminated around the 13,065 level. Minor Wave 4 unfolded as a zigzag, concluding near 11,540, while Minor Wave 5 surpassed 13,680, forming an ending diagonal.
Additional insights:
- The stock sharply reversed from the 13,680 levels, initiating an impulse wave downward.
- Minute Waves ((i)) and ((ii)) have already formed around 12,060 and 13,600–13,650 levels, respectively.
- If this wave structure holds, prices are expected to continue trending lower as Minute Wave ((iii)) extends further.
Technical Analyst: Harsh Japee
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Conclusion
MARUTI SUZUKI is trending lower within Minute Wave ((iii)) Navy, maintaining resistance at 13,680.