MARUTI SUZUKI INDIA – MARUTI (1D Chart) Elliott Wave / Technical Analysis:
Function: Counter Trend Lower (Intermediate degree, orange)
Mode: Corrective
Structure: Impulse, within larger degree Wave A
Position: Minor Wave 1 Grey complete
Details: Minor Wave 2 underway towards 12700-800 zone.
Invalidation point: 13685
Maruti Suzuki Daily Chart Technical Analysis and potential Elliott Wave Counts:
Maruti Suzuki’s Daily chart potential counts are suggesting that the stock has probably terminated its fifth wave at Minor, Intermediate and primary (not shown) degrees at 13685 mark. The high was registered on July 31, 2024 and prices have dropped below Minute Wave ((4)) at 12367 already.
The larger structure indicates that Intermediate Wave (4) bottomed around 6546 mark in March 2022. The entire rally since then can be clearly subdivided into five waves (impulse), which terminated Intermediate Wave (5) around 13685.
If the above structure holds well, Maruti Suzuki is preparing for a larger degree corrective wave, which has just begun against 13685. Alternatively, a push through 13685 high would void the above bearish scenario.
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Maruti Suzuki 4 Hour Chart Technical Analysis and potential Elliott Wave Counts:
Maruti Suzuki’s 4H chart is also indicating a clear potential top at 13685 high. It is worth noting that Minor Wave 5 of Intermediate Wave (4), unfolded as an ending diagonal, which indicates an exhaustion of the larger uptrend.
Normally, Ending Diagonals are followed by swift price reversals immediately breaking the fourth wave termination, which is clearly observed in the price action between 13685 and 12120 levels. The drop could be labelled as Minor Wave 1, which should be followed by a corrective Wave 2
Alternatively, Minor Wave 1 is still progressing and could produce another drop through 11576 lows, which is also termination of Minor Wave 4 and minimum criteria for the drop followed after a diagonal. In that case, Minor Wave 2 corrective rally needs to wait.
Conclusion:
Maruti Suzuki stock is setting up for a larger degree corrective drop at an Intermediate degree at least, against 13685 high.
Elliott Wave Analyst: Harsh Japee
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