The daily chart for Hero MotoCorp suggests that Minor Wave 5 (Grey) is progressing upwards towards the 7310 mark, or it may have ended just below the 6400 level. The key support lies at the 5040 level, where Minor Wave 4 (Grey) terminated, helping to confirm if a peak has formed.

Since the March 2022 lows around the 2150 level (Intermediate Wave (4) in Orange), the stock has rallied in five distinct waves (Minor Waves 1 through 5) up to the 6360 high. This rally could indicate the completion or ongoing progress of Intermediate Wave (5) in Orange.

Additionally, Minor Wave 3 (Grey) included an extension in Minute Wave ((iii)) between the 2245 and 5921 levels. Following this, Minor Wave 4 retraced to 5040, and bulls have since pushed higher to potentially complete Minor Wave 5, part of Intermediate Wave (5) in Orange.

HERO Elliott Wave technical analysis

Function: Uptrend in a Larger Degree (Intermediate Degree in Orange).

Mode: Motive.

Structure: Impulse.

Position: Minor Wave 5 (Grey).

Details: Minor Wave 5 is advancing higher, with support against the 5040 level. Alternatively, Wave 5 could have ended below the 6400 mark, as the rally between the 5040 and 6350-6360 levels can be subdivided into five waves.

Invalidation point: 5040.

Hero MotoCorp four-hour chart technical analysis and potential Elliott Wave counts

The 4-hour chart for Hero MotoCorp details the internal waves within Minute Wave ((v)) of Minor Wave 3 and beyond. Minor Wave 4 unfolded as an ((a))-((b))-((c)) corrective wave, where Wave ((b)) formed a triangle, and Wave ((c)) ended as a diagonal around the 5040 level.

Conclusion

Hero MotoCorp is either continuing with Minor Wave 5 of Intermediate Wave (5) in Orange towards 7310 or has already completed Wave 5 around the 5360 level.

Hero MotoCorp 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.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD meets some support near 1.1670

EUR/USD further extends its bearish leg on Wednesday, coming under extra pressure and breaching below the 1.1700 level to flirt with four-week troughs in a context of marginal gains in the US Dollar ahead of the key US NFP on Friday.

GBP/USD deflates to daily lows near 1.3470

GBP/USD stays under pressure on Wednesday, dipping to fresh lows around 1.3470 and extending the pullback that began the previous session. Cable remains on the defensive, with the US Dollar nudging slightly higher in the wake of key US December data.

Gold remains offered near $4,450

Gold remains on the back foot on Wednesday, hovering around $4,450 per troy ounce after bringing a three-day rally to an end. The metal’s advance seems to have run out of steam near the $4,500 area, with a firmer US Dollar after key US data weighing on prices. Still, the downside looks limited for now, thanks to falling US Treasury yields across the curve.

XRP faces selling pressure as key on-chain metric resets and ETF inflows weaken

Ripple (XRP) is trading downward but holding support at $2.22 at the time of writing on Wednesday, as fear spreads across the cryptocurrency market, reversing gains made from the start of the year.

2026 economic outlook: Clear skies but don’t unfasten your seatbelts yet

Most years fade into the background as soon as a new one starts. Not 2025: a year of epochal shifts, in which the macroeconomy was the dog that did not bark. What to expect in 2026? The shocks of 2025 will not be undone, but neither will they be repeated.

XRP battles selling pressure as profit-taking, ETF inflows shape outlook

Ripple (XRP) is trading downward but holding support at $2.22 at the time of writing on Wednesday, as fear spreads across the cryptocurrency market, reversing gains made from the start of the year.