Bajaj Auto Elliott Wave technical analysis
Function: Larger Degree Trend Higher (Intermediate degree, orange).
Mode: Motive.
Structure: Impulse.
Position: Minor Wave 5 Grey.
Details: Minor Wave 5 Grey is now progressing higher against 9382 low. Prices have taken out 11060 mark confirming larger degree trend higher as Intermediate Wave (5) is unfolding. One more push above 11500 looks possible.
Invalidation point: 9382.
Bajaj Auto daily chart technical analysis and potential Elliott Wave counts
Bajaj Auto daily chart is clearly indicating a progressive rally, which has more room, and potentially terminate above 11500 mark going forward. That peak should ideally terminate Intermediate Wave ((5)) Orange and pave way for a correction.
The stock has produced nearly 300% returns since its December 2021 lows registered around 3050 mark. Intermediate Wave (5) has been unfolding since then and is still looking to push one last time before terminating.
Bajaj Auto is a classic case of a third (Minute Wave ((iii)) Navy) of third (Minor Wave 3 Grey) extension when prices rallied between 3400 through 9300-400 levels in nearly 18 months. The fibonacci extensions are pointing towards 13000 price targets for Minor Wave 5.
Bajaj Auto Elliott Wave technical analysis
Function: Larger Degree Trend Higher (Intermediate degree, orange).
Mode: Motive.
Structure: Impulse.
Position: Minor Wave 5 Grey.
Details: Minor Wave 5 Grey is now progressing higher against 9382 low. Prices have taken out 11060 mark confirming larger degree trend higher as Intermediate Wave (5) is unfolding. Furthermore, Minute Wave ((iv)) Navy is unfolding towards 10000 mark. Once complete, Minute Wave ((v)) should be underway higher through 11500.
Invalidation point: 9382.
Bajaj Auto four-hour chart technical analysis and potential Elliott Wave counts
Bajaj Auto 4H chart highlights wave counts between Minor Wave 3 Grey termination and current price around 10800 mark. The corrective wave through Minor 4 unfolded as a combination (w)-(x)-(y) around 8790 on July 23, 2024.
Since then, the rally can be sub divided into a potential impulse as Minute Waves ((i)), (ii)) ((iii)) and ((iv)) complete as prices approach the 10800 mark. If correct, Minute Wave ((v)) should turn higher from here and push through 11500 at least.
Conclusion
Bajaj Auto is progressing within Minute Wave ((iii)) higher towards 11500 levels, as Minor Wave 5 of Intermediate Wave (5) looks to produce one more high before bears are back.
Bajaj Auto Elliott Wave technical analysis [Video]
As with any investment opportunity there is a risk of making losses on investments that Trading Lounge expresses opinions on.
Historical results are no guarantee of future returns. Some investments are inherently riskier than others. At worst, you could lose your entire investment. TradingLounge™ uses a range of technical analysis tools, software and basic fundamental analysis as well as economic forecasts aimed at minimizing the potential for loss.
The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership has been prepared without considering your objectives, financial situation or needs. Reliance on such advice, information or data is at your own risk. The decision to trade and the method of trading is for you alone to decide. This information is of a general nature only, so you should, before acting upon any of the information or advice provided by us, consider the appropriateness of the advice considering your own objectives, financial situation or needs. Therefore, you should consult your financial advisor or accountant to determine whether trading in securities and derivatives products is appropriate for you considering your financial circumstances.
Recommended content
Editors’ Picks
AUD/USD consolidates around mid-0.6700s amid cautious mood ahead of FOMC meeting
AUD/USD consolidates the overnight strong gains and oscillates around mid-0.6700s, as traders move to the sidelines ahead of a two-day FOMC meeting starting this Tuesday. Heading into the central bank event risk, the USD languishes near the 2024 low amid bets for an oversized rate cut by the Fed.
USD/JPY remains on the defensive below 141.00 as bets firm on jumbo Fed rate cut
The USD/JPY pair recovers some lost ground near 140.80, snapping the five-day losing streak during the early Asian session on Tuesday. However, the upside of the pair might be limited amid the growing expectation that the US Federal Reserve will start its easing cycle at the September meeting.
Gold price consolidates near all-time peak, looks to Fed before the next leg up
Gold price is seen oscillating in a narrow trading band during the Asian session on Tuesday and consolidating its recent gains to a fresh all-time peak, around the $2,589-2,590 region touched the previous day.
MicroStrategy plans to buy additional Bitcoin following $700 million convertible notes sale
MicroStrategy plans to increase its Bitcoin holdings after announcing a $700 million convertible senior notes offering on Monday. The announcement follows its $1.11 billion Bitcoin purchase.
Five Fundamentals for the week: Fed overtowers pivotal week for Gold, stocks and the US Dollar Premium
The Fed's first rate cut stands out as economic uncertainty mounts. US Retail Sales and Jobless Claims are of high interest. Rate decisions by central banks in the UK and Japan are also pivotal.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.