Maruti Elliott Wave technical analysis
Function: Counter Trend Lower (Intermediate degree, orange).
Mode: Corrective.
Structure: Impulse, within larger degree Wave A.
Position: Minute Wave ((ii)) Navy complete.
Details: Minute Wave ((ii)) looks complete just below 12700-800 zone. Furthermore, Minute Wave ((iii)) Navy seems to be progressing now.
Invalidation point: 13680-85.
Maruti Suzuki daily chart technical analysis and potential Elliott Wave counts
Maruti Suzuki daily chart suggests a major top is in place around 13680-85 zone, registered on August 01, 2024. The stock has dropped through 12040 lows marked as Minute Wave ((i)), followed by a shallow rally towards 12600-700 range, potential Minute Wave ((ii)).
Earlier, the stock produced an impulse wave between 6500 and 13680 levels, which is marked as Intermediate Wave (5) Orange complete. Also note Minor Waves 1 through 5 Grey complete, with Wave 5 terminating as a diagonal.
With Minute Waves ((i)) and ((ii)) potentially in place around 12040 and 12600-700 respectively; bears would be inclined to come back in control and resume Minute Wave ((iii)) lower through 9500 mark in the medium term.
Maruti Suzuki India Elliott Wave technical analysis
Function: Counter Trend Lower (Intermediate degree, orange).
Mode: Corrective.
Structure: Impulse, within larger degree Wave A.
Position: Minute Wave ((ii)) Navy complete.
Details: Minute Wave ((ii)) looks complete just below 12700-800 zone. Furthermore, Minute Wave ((iii)) Navy seems to be progressing now. Alternatively, prices could drift a bit more sideways before Minute Wave ((ii)) terminates.
Invalidation point: 13680-85.
Maruti Suzuki four-hour chart technical analysis and potential Elliott Wave counts
Maruti Suzuki 4H chart highlights the lower degree waves within Minor Wave 5 Grey. Minute Waves ((i)) through ((v)) Navy complete the ending diagonal minor Wave 5 around 13680 levels before prices reversed sharply lower.
Furthermore, Minute Wave ((i)) is now in place around 12040, along with Minute Wave ((ii)) around 12600-700 zone. If the above holds well, Minute Wave ((iii)) is now underway against 13680 high.
Conclusion
Maruti Suzuki is potentially progressing within Minute Wave ((iii)) Navy within Minor Wave 1 Grey against 13680 mark.
Maruti Suzuki India 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
![How will inflation data impact USD valuation? – LIVE](https://editorial.fxstreet.com/images/Macroeconomics/EconomicIndicator/Prices/CPI/consumer-price-index-gm500080630-80587217_XtraSmall.jpg)
How will inflation data impact USD valuation? – LIVE Premium
The US Bureau of Labor Statistics will release August Consumer Price Index data on Wednesday. Investors will scrutinize the inflation report to figure out whether there is a strong chance of a large Fed rate cut in September.
![EUR/USD trades with moderate gains near 1.1050, US CPI awaited](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/EURUSD/money-euro-and-dollar-banknotes-17371247_XtraSmall.jpg)
EUR/USD trades with moderate gains near 1.1050, US CPI awaited
EUR/USD is holding the bounce near 1.1050 in Wednesday's early European session. The pair draws support from the USD/JPY slump-driven US Dollar weakness. The further upside may be limited due to dovish ECB expectations. All eyes now turn to US CPI data.
![GBP/USD reverses below 1.3100 after dismal UK data, US CPI eyed](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/GBPUSD/iStock-689067954_XtraSmall.jpg)
GBP/USD reverses below 1.3100 after dismal UK data, US CPI eyed
GBP/USD is easing below 1.3100 in European trading, unable to defend gains after the dismal UK data. The UK economy stagnated in July again while Industrial Production unexpectedly declined, weighing on the Pound Sterling. US CPI report is next in focus.
![Gold rallies up to all-time-highs on Fed outlook, USD weakness](https://editorial.fxstreet.com/images/Markets/Commodities/Metals/Gold/safe-investment-gm147322399-17568598_XtraSmall.jpg)
Gold rallies up to all-time-highs on Fed outlook, USD weakness
Gold cycles back up towards the top of its three-week range, trading just shy of $2,530 on Wednesday. The precious metal keeps oscillating as investors debate the size of the cut the Federal Reserve (Fed) will make to interest rates at its September 17-18 meeting.
![Five Fundamentals for the week: Jittery markets fear the ECB, US inflation and more](https://editorial.fxstreet.com/images/Macroeconomics/EconomicIndicator/Prices/CPI/consumer-price-index-gm500080630-80587217_XtraSmall.jpg)
Five Fundamentals for the week: Jittery markets fear the ECB, US inflation and more Premium
Is there still a chance? Investors hope for a 50-bps rate cut from the Fed but also fear a global recession is underway. The world's three largest economies, the US, China, and the eurozone, are set to rock global markets.
![Moneta Markets review 2024: All you need to know](https://editorial.fxstreet.com/images/IT/Testing/Review/FXSBadgeCertifiedBackg_XtraSmall.png)
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.