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]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

EUR/USD holds firm near 1.1850 amid USD weakness

EUR/USD remains strongly bid around 1.1850 in European trading on Monday. The USD/JPY slide-led broad US Dollar weakness helps the pair build on Friday's recovery ahead of the Eurozone Sentix Investor Confidence data for February.

GBP/USD hovers near 1.3600 as UK government crisis weighs on Pound Sterling

GBP/USD moves sideways after registering modest gains in the previous session, trading around 1.3610 during the European hours on Monday. The pair could come under pressure as the Pound Sterling may weaken amid a fresh government crisis in the United Kingdom.

Gold remains supported by China's buying and USD weakness as traders eye US data

Gold struggles to capitalize on its intraday move up and remains below the $5,100 mark heading into the European session amid mixed cues. Data released over the weekend showed that the People's Bank of China extended its buying spree for a 15th month in January. Moreover, dovish US Fed expectations and concerns about the central bank's independence drag the US Dollar lower for the second straight day, providing an additional boost to the non-yielding yellow metal.

Cardano steadies as whale selling caps recovery

Cardano (ADA) steadies at $0.27 at the time of writing on Monday after slipping more than 5% in the previous week. On-chain data indicate a bearish trend, with certain whales offloading ADA. However, the technical outlook suggests bearish momentum is weakening, raising the possibility of a short-term relief rebound if buying interest picks up.

Japanese PM Takaichi nabs unprecedented victory – US data eyed this week

I do not think I would be exaggerating to say that Japanese Prime Minister Sanae Takaichi’s snap general election gamble paid off over the weekend – and then some. This secured the Liberal Democratic Party (LDP) an unprecedented mandate just three months into her tenure.

Bitcoin, Ethereum and Ripple consolidate after massive sell-off

Bitcoin, Ethereum, and Ripple prices consolidated on Monday after correcting by nearly 9%, 8%, and 10% in the previous week, respectively. BTC is hovering around $70,000, while ETH and XRP are facing rejection at key levels. Traders should be cautious: despite recent stabilization, upside recovery for these top three cryptocurrencies is capped as the broader trend remains bearish.