Mahindra & Mahindra Elliott Wave technical analysis [Video]

M_M Elliott Wave technical analysis

Function: Larger Degree Trend Higher (Intermediate degree, Wave (5) Orange).

Mode: Motive.

Structure: Impulse.

Position: Minor Wave 4 Grey.

Details: Minor Wave 4 Grey might be complete as an expanded flat around 2700-20 range, or could drag to one more low (2500-50), within Intermediate Wave (5) Orange against 1400. If correct, Minor Wave 5 Grey should be underway higher soon.

Invalidation point: 1400.

Mahindra & Mahindra daily chart technical analysis and potential Elliott Wave counts

Mahindra & Mahindra daily chart is indicating a religious uptrend, which has completed Minor Wave 4 around the 2700 mark or is near to completion around 2500-50 range. The stock could then turn higher again pushing through 3400 levels.

Mahindra & Mahindra stock prices had dropped through 675 lows in March 2022; carving Intermediate Wave (4) Orange. The subsequent rally thereafter suggests Minor Waves 1, 2 and 3 are complete and Wave 4 is potentially complete around 2700 mark.

If the above proposed structure holds well, the stock could first drop towards 2500-50 range then turn higher to complete Minor Wave 5 above 3400 levels.

Mahindra & Mahindra Elliott Wave technical analysis

Function: Larger Degree Trend Higher (Intermediate degree, Wave (5) Orange).

Mode: Motive.

Structure: Impulse.

Position: Minor Wave 4 Grey.

Details: Minor Wave 4 Grey might be complete as an expanded flat around 2700-20 range, or could drag to one more low (2500-50) as a combination of Minute degree, within Intermediate Wave (5) Orange against 1400. If correct, Minor Wave 5 Grey should be underway higher soon.

Invalidation point: 1400.

Mahindra & Mahindra four-hour chart technical analysis and potential Elliott Wave counts

Mahindra & Mahindra 4H chart is highlighting the structure between Minor Wave 3 Grey and further. It is possible that Minor Wave 4 unfolded as an expanded flat ((a))-((b))-((c)) and is complete around 2700. Alternatively, Wave 4 could unfold as a combination to drop through 2550 range.

Once the above is complete, the stock is expected to turn higher as Minor Wave 5 begins to unfold against 1400 mark.

Conclusion

HCL TECHNOLOGIES is progressing higher within Minute Wave ((v)) of Minor Wave 5 against 1750 lows.

Mahindra & Mahindra Elliott Wave technical analysis [Video]