Eicher Motors – EICHERMOT (one day chart) Elliott Wave technical analysis
Function: Counter Trend (Minute degree, orange).
Mode: Corrective.
Structure: Impulse with larger degree correction.
Position: Minute Wave ((ii)) Navy.
Details: The structure might have turned lower against 5120-30 high, potential Intermediate Wave (5) termination. The first impulse drop Minute Wave ((i)) is complete and Minute Wave ((ii)) looks complete as prices turn lower from 5010 mark. Minute Wave ((iii)) is probably underway now.
Invalidation point: 5120.
EICHER MOTORS Daily Chart Technical Analysis and potential Elliott Wave Counts:
EICHER MOTORS daily chart is indicating a larger degree up trend potentially terminated around 5120-30 range, with Intermediate Wave (5) Orange complete. Furthermore, the stock has turned lower carving Minute Waves ((i)) and ((ii)) around 536 and 5010 levels respectively.
Earlier, the stock had dropped through 2175 lows in March 2022, terminating Intermediate Wave (4) Orange. The subsequent rally can be clearly subdivided into five waves Minor Wave 1 through 5 on the chart here.
If the above is correct, EICHER MOTORS have terminated its larger degree uptrend through 5120-30 range and turned lower as bears are inclined to remain in control.
Eicher Motors – EICHERMOT (four-hours chart) Elliott Wave technical analysis
Function: Counter Trend (Minute degree, orange).
Mode: Corrective.
Structure: Impulse with larger degree correction.
Position: Minute Wave ((ii)) Navy.
Details: The structure might have turned lower against 5120-30 high, potential Intermediate Wave (5) termination. The first impulse drop Minute Wave ((i)) is complete and Minute Wave ((ii)) looks complete as prices turn lower from 5010 mark. Minute Wave ((iii)) is probably underway now.
Invalidation point: 5120.
EICHER MOTORS 4H Chart Technical Analysis and potential Elliott Wave Counts:
EICHER MOTORS 4h chart highlights the lower degree wave counts after hitting highs around 5120 mark, terminating potential Intermediate Wave (5) Orange. The stock has carved Minute Wave ((i)) around 4536 followed by an expanded flat Minute Wave ((ii)) through 5010. If correct, Minute Wave ((iii)) is now dragging lower.
Conclusion:
EICHER MOTORS is dragging lower within Minute Wave ((iii)) against 5120-30 range.
Elliott Wave analyst: Harsh Japee.
Eicher Motors – EICHERMOT (one day chart) 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 climbs closer to 0.6500 as Israel-Iran ceasefire boosts risk sentiment
AUD/USD recovers further toward 0.6500 early Tuesday amid a positive turnaround in global risk sentiment, bolstered by the Israel-Iran ceasefire announcement. This, along with the revival of Fed rate cut bets, weighs heavily on the safe-haven US Dollar, lending support to the pair for the second consecutive day.
USD/JPY extends the pullback below 145.50 amid a weaker US Dollar
USD/JPY extends the sharp retracement from 148.00 for the second consecutive day on Tuesday amid a broad US Dollar weakness. Fed Governor Bowman pointed to the possibility of a rate cut in July. Meanwhile, the Iran-Israel ceasefire also undermines the USD, adding to the pair's downside ahead of Fed Chair Powell's two-day congressional testimony.
Gold awaits Powell amid Iran-Israel ceasefire, July Fed rate cut talks
Gold price bounces-off nine-day lows near $3,335 early Tuesday on reviving July Fed rate cut talks. US Dollar corrects sharply from the monthly top on a Iran-Israel ceasefire and dovish Fed expectations. XAU/USD looks to Fed Powell’s testimony as the 50-day SMA is tested; the daily RSI teases the midline.
Bitcoin, crypto market begin recovery as Israel and Iran agree to a ceasefire
The cryptocurrency market made a comeback on Monday, rebounding from a weekend dip as top assets, including Bitcoin, Ethereum, and XRP, staged a recovery. The rebound follows US President Donald Trump's statement that Israel and Iran will each conduct a 12-hour ceasefire, after which the war threats will come to an end.
Could Iran block the Strait of Hormuz? Why Oil is on edge after US strikes
As the Israel-Iran conflict reaches new heights, an old threat is coming back to haunt the markets: that of the closure of the Strait of Hormuz. This narrow arm of the sea in the Persian Gulf, wedged between Iran to the north and the United Arab Emirates and Oman to the south, is much more than a simple sea passage.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.