Bajaj Finserve Indian Stocks Elliott Wave technical analysis [Video]
|Bajaj Finserve (one day chart) Elliott Wave technical analysis
Function: Counter Trend (Minor degree Grey).
Mode: Corrective.
Structure: Impulse within larger degree correction.
Position: Minor Wave 1 Grey.
Details: Minor Wave 1 is potentially complete below 1600. If correct, Minor Wave 2 rally should unfold towards 1800 levels before bears are back in control.
Invalidation point: 2040.
BAJAJ FINSERVE Daily Chart Technical Analysis and potential Elliott Wave Counts:
BAJAJ FINSERVE daily chart is indicating a potential trend reversal against 2040 high, which was registered in September 2024. The larger degree uptrend looks complete as bears remain poised to complete the first impulse wave lower around 1400-1550 zone.
Earlier, the stock had unfolded a larger degree triangle consolidation between July 2022 and June 2024, terminating Intermediate Wave (4) Orange around 1420 mark. Bulls managed to terminate Intermediate Wave (5) as a thrust impulse wave before prices reversed sharply lower.
If the above holds well, price action would slip through the 1400 mark in the near term, before producing a counter trend rally.
Bajaj Finserve (four-hour chart) Elliott Wave technical analysis
Function: Counter Trend (Minor degree Grey).
Mode: Corrective.
Structure: Impulse within larger degree correction.
Position: Minor Wave 1 Grey.
Details: Minor Wave 1 is potentially complete below 1600. If correct, Minor Wave 2 rally should unfold towards 1800 levels before bears are back in control. Alternatively, Minor Wave 1 could complete around 1400 mark before the corrective rally begins.
Invalidation point: 2040.
BAJAJ FINSERVE four-hour chart technical analysis and potential Elliott Wave counts:
BAJAJ FINSERVE 4H chart is highlighting the sub waves after Intermediate Wave (4) Orange terminated as a triangle around 1420 mark in June 2024. Intermediate Wave (5) unfolded as an impulse, terminating around 2035-40 mark.
Furthermore, the stock has turned lower since then as a potential impulse lower could be either complete around 1565 mark or could extend through 1400 zone. Please note 1400 zone is close to the triangle termination of previous Wave (4) as well. Once Minor Wave 1 lower is complete, we can expect a counter trend rally to materialize.
Conclusion:
BAJAJ FINSERVE has potentially turned lower against 2040 high and it has potentially completed its first impulse drop around 1550 mark. If correct, a counter trend rally should be underway soon to unfold Minor Wave 2 Grey.
Elliott Wave analyst: Harsh Japee.
Bajaj Finserve Elliott Wave technical analysis [Video]
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.