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TECHM Elliott Wave technical analysis [Video]

TECH MAHINDRA Elliott Wave technical analysis

  • Function: Counter Trend.

  • Mode: Impulsive.

  • Structure: Navy Blue Wave 3.

  • Position: Gray wave C.

  • Direction (Next higher degrees): Navy blue wave 4.

  • Details: Navy Blue Wave 2 appears complete; Navy Blue Wave 3 of C is now underway.

  • Invalidation level: 1621.

The daily chart of Tech Mahindra, analyzed through Elliott Wave theory, indicates a counter-trend impulsive move. Following the completion of navy blue wave 2, price action has now entered navy blue wave 3, which is unfolding within the broader gray wave C corrective structure.

Wave 3 is often the strongest phase in an Elliott sequence, typically marked by sustained price growth and increasing momentum. The successful completion of wave 2 has set the stage for this movement. As wave 3 progresses, it completes a portion of the larger corrective framework initiated from a higher timeframe.

Next, navy blue wave 4 is expected once wave 3 concludes. This will likely be a corrective pullback, potentially offering strategic entry or exit points. Traders should watch for Fibonacci extension levels as indicators for wave 3’s end. The key support level is 1621—a breach of this level invalidates the current wave count and would require a reassessment of the structure.

The ongoing impulsive move implies strong market engagement, possibly supported by positive fundamentals. Increasing volume and momentum during this phase supports the strength of wave 3. Traders should look for typical wave 3 behaviors—momentum surges, rising volume, and steady price action—as they manage positions during this move.

Maintaining positions through this wave may be effective until there are clear signs of wave 3 completion. Risk management should factor in the critical invalidation point at 1621.

TECH MAHINDRA Elliott Wave technical analysis

  • Function: Counter Trend.

  • Mode: Impulsive.

  • Structure: Gray wave C.

  • Position: Orange wave 2.

  • Direction (Next higher degrees): Orange wave 3.

  • Details: Gray wave B of 2 appears completed; gray wave C of 2 is now in progress.

The weekly chart for Tech Mahindra, analyzed using Elliott Wave theory, shows that the stock has finished gray wave B of 2 and is currently progressing through gray wave C of 2, within the broader orange wave 2 corrective structure. This setup suggests a counter-trend movement with impulsive behavior, pointing to strong directional momentum in this correction.

Gray wave C is typically the final and most dynamic part of a corrective sequence, often pushing toward or even beyond previous lows. This phase signals the likely end of the correction, with orange wave 3 expected to follow—a move that could bring strong upward momentum and mark the start of the next trend phase.

Orange wave 3, at the higher degree, is projected to be impulsive and powerful, potentially offering significant market moves. Traders should carefully monitor gray wave C for signs of completion, using common Elliott Wave end-patterns and Fibonacci targets as reference points.

This weekly perspective provides an intermediate-term view, indicating the current phase as a pause before a resumption of the broader trend. The impulsive nature of gray wave C also implies that traders might find high risk-reward opportunities before the start of wave 3.

Price action signals and supporting technical tools such as momentum indicators or volume trends can help confirm wave completion. The outlook encourages positioning for the upcoming shift into orange wave 3, while noting that wave C can sometimes extend, making ongoing analysis important as market conditions evolve.

Technical Analyst: Malik Awais.

TECH MAHINDRA Elliott Wave technical analysis [Video]

Author

Peter Mathers

Peter Mathers

TradingLounge

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

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