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MAHINDRA & MAHINDRA Stocks Elliott Wave Technical Analysis


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MAHINDRA & MAHINDRA – M_M (1D Chart) Elliott Wave Technical Analysis

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

Mode: Motive 

Structure: Impulse 

Position: Minute Wave ((v)) Navy

Details: Minute Wave ((v)) Navy is progressing higher within Minor Wave 3 Grey of Intermediate Wave (5) Orange against 2640. Risk tightened.

Invalidation point: 2640

MAHINDRA & MAHINDRA Daily Chart Technical Analysis and potential Elliott Wave Counts

MAHINDRA & MAHINDRA daily chart indicates a progressive trend higher towards 3300-3400 range in the near term as Minute Wave ((v)) unfolds within Minor Wave 3 Grey of Intermediate Wave (5) Orange. Immediate support and risk is at 2640 mark.

The stock has been progressing higher since March 2022 lows around 670-75 range; Intermediate Wave (4) Orange termination. Minor Wave 1 Grey terminated around 1370, followed by an expanded flat Minor Wave 2 Grey around 1120 mark.

Minor Wave 3 Grey has been extended and is within its last leg higher; Minute Wave ((v)) towards 3200-3300 range at least. Risk has been tightened to 2640 now as a break lower would suggest Wave 3 top is in place.

India24(1).thumb.png.208877b990f540d157dfc8a1ed8fd418.png

 

MAHINDRA & MAHINDRAM_M (4H Chart) Elliott Wave / Technical Analysis: 

Function: Larger Degree Trend Higher (Intermediate degree, Wave (5) Orange) 
Mode: Motive 
Structure: Impulse 
Position: Minute Wave ((v)) Navy  

Details: Minute Wave ((v)) Navy is progressing higher within Minor Wave 3 Grey of Intermediate Wave (5) Orange against 2640. Further, Minuette Wave (iii) Orange might be complete around 3150. If correct, Minuette Wave (iv) might drag a bit lower before the rally resumes. 

Invalidation point: 2640

MAHINDRA & MAHINDRA 4H Chart Technical Analysis and potential Elliott Wave Counts: 

MAHINDRA & MAHINDRA 4H chart highlights the sub waves since Minute Wave ((iii)) top around 3000 mark. Please note Wave ((iv)) unfolded as a combination before terminating around 2640 mark. Since then, Minute Wave ((v)) is unfolding potentially towards 3300 mark.

Conclusion:

MAHINDRA & MAHINDRA is progressing higher towards 3200-3300 range as Minute Wave ((v)) unfolds within Minor Wave 3 Grey of Intermediate Wave (5) Orange. 

 India24.thumb.png.5b16fcf7396a886764fbf7cc6a644e67.png

Elliott Wave Analyst: Harsh Japee

Source : Tradinglounge.com get trial here!

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