The daily Elliott Wave analysis for BAJAJ FINSERV identifies a counter-trend correction within a larger bullish structure. The current focus is on Navy Blue Wave 2, which forms part of Gray Wave 3 in the higher-degree wave pattern. The impulsive Navy Blue Wave 1 is likely complete, and the chart suggests that the stock has entered the corrective phase of Navy Blue Wave 2.

A key technical level to watch is 1550.74, which is the invalidation point. If the price moves below this level, the current wave structure would be invalidated. The day chart helps traders clearly observe this corrective phase within the broader trend structure.

Once Navy Blue Wave 2 completes, the analysis expects a transition into Navy Blue Wave 3, which would resume the primary upward movement. This highlights a likely continuation of the broader bullish trend.

The analysis also highlights the importance of wave degree relationships, where Navy Blue Wave 2 serves as both a short-term setup and a part of the larger Gray Wave 3 pattern. Traders should monitor signs typical of corrections such as three-wave formations or sideways movement.

This setup suggests that traders wait for confirmation of the correction’s completion before entering new positions. The current corrective wave presents potential opportunities for short-term trades on pullbacks and also for long-term investors planning to ride the continuation of the main trend.

BAJAJ FINSERV Elliott Wave technical analysis

Function: Counter Trend.

Mode: Corrective.

Structure: Navy Blue Wave 2.

Position: Gray Wave 3.

Direction next higher degrees: Navy Blue Wave 3.

Details: Navy Blue Wave 1 appears to be complete; Navy Blue Wave 2 is now underway.

Cancel invalid level: 1550.74.

The weekly Elliott Wave analysis for BAJAJ FINSERV offers a broad counter-trend outlook, highlighting a corrective phase within a larger bullish trend. The key structure under review is Navy Blue Wave 2, which forms part of Gray Wave 3 in the extended wave count. Market analysts note that Navy Blue Wave 1's impulsive leg has likely ended, and the stock is currently going through the correction of Navy Blue Wave 2.

The weekly chart helps traders and investors assess the stock's position within a higher time-frame, showing how Navy Blue Wave 2 fits into Gray Wave 3’s upward movement. The level of 1550.74 is established as a critical invalidation point—if the stock price breaks below this, the current wave count could be reconsidered.

This wave analysis places strong importance on wave degree relationships, recognizing Navy Blue Wave 2 as both a medium-term trading opportunity and a part of the broader Gray Wave 3 rally. Typical corrective behavior such as three-wave formations or sideways consolidation should be monitored closely during this phase.

The setup advises investors to wait for clear signs of correction completion before making major moves. The weekly timeframe gives essential insight for position traders planning both short-term trades and long-term strategies.

Technical analyst: Malik Awais.

BAJAJ FINSERV 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 flat lines around 1.1900; looks to US NFP report for fresh directional impetus

The EUR/USD pair is seen oscillating in a narrow trading band around the 1.1900 mark during the Asian session on Wednesday as traders opt to wait for the release of US monthly employment details before placing fresh directional bets.

GBP/USD slips back to daily lows near 1.3640

GBP/USD drops to daily lows near 1.3640 as sellers push harder and the Greenback extends its rebound in the latter part of Tuesday’s session. Looking ahead, the combination of key US releases, including NFP and CPI, alongside important UK data, should keep the pound firmly in focus over the coming days.

Gold awaits US Nonfarm Payrolls data for a sustained upside

Gold remains capped below $5,100 early Wednesday, gathering pace for the US labor data. The US Dollar licks its wounds amid persistent Japanese Yen strength and potential downside risks to the US jobs report. Gold holds above $5,000 amid bullish daily RSI, with eyes on 61.8% Fibo resistance at $5,141.

Ethereum: Whales buy the dip amid rising short bets

Following one of Ethereum's largest weekly drawdowns, whales are slowly returning to action alongside a drop in retail selling pressure. After slightly selling into the decline at the start of the month, whales or wallets with a balance of 10K-100K ETH began buying the dip last Wednesday as prices crashed further.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.

XRP holds $1.40 amid ETF inflows and stable derivatives market

Ripple trades under pressure, with immediate support at $1.40 holding at the time of writing on Tuesday. A recovery attempt from last week’s sell-off to $1.12 stalled at $1.54 on Friday, leading to limited price action between the current support and the resistance.