🔍 Wave Structure Analysis (Elliott Wave Count):
The chart follows a classic 5-wave impulsive structure:
Wave i → ii → iii → iv → v (subwaves of primary wave 1).
Wave (ii) retraced ~38.2% of Wave (i), showing healthy correction.
Wave (iii) extended well, with internal sub-waves clearly marked (i, ii, iii, iv, v).
Current move is likely Wave v of 1, still in progress.
📐 Fibonacci Levels (Retracement & Projection):
Wave (ii) retraced to 0.382 (₹2,101.80) — ideal for wave ii corrections.
Wave (iii) reached 1.618 extension of Wave (i) at around ₹5,048.85 — confirming it as an extended wave.
Wave (iv) respected the 0.382 retracement zone from Wave (iii), retraced till around ₹4,208.70 – ₹4,538.55.
Projected Target for Wave (v): ~₹7,635.55 (also marked as end of Wave 1 in pink).
📊 Indicators:
RSI: Currently at 57.09, just above the neutral zone.
Indicates moderate bullish momentum, not overbought.
RSI is rising, supporting the continuation of wave v.
Volume: Fairly steady — no divergence observed, backing the price action strength.
✅ Key Support Zones:
₹4,208 – ₹4,538: Support cluster (Fibo retracement zone of wave iv).
₹2,766.05 and ₹2,101.80: Long-term supports from earlier wave structures and retracement levels.
⚠️ Verification & Corrections:
✅ Wave labeling and Fibonacci levels appear technically correct.
✅ Subwaves are well-defined and follow Elliott Wave rules:
Wave iii is not the shortest.
Wave iv does not enter Wave i territory.
⚠️ Keep an eye on divergence or failure at ₹5,900–₹6,000 zone — critical resistance before ₹7,600.
📌 Summary:
Eicher Motors is in the final stages of completing Wave v of Primary Wave 1, with a projected upside target near ₹7,635. RSI and volume confirm a healthy uptrend, and Fibo levels add credibility. The structure appears valid and aligns well with classical Elliott Wave and Fibonacci guidelines.
The chart follows a classic 5-wave impulsive structure:
Wave i → ii → iii → iv → v (subwaves of primary wave 1).
Wave (ii) retraced ~38.2% of Wave (i), showing healthy correction.
Wave (iii) extended well, with internal sub-waves clearly marked (i, ii, iii, iv, v).
Current move is likely Wave v of 1, still in progress.
📐 Fibonacci Levels (Retracement & Projection):
Wave (ii) retraced to 0.382 (₹2,101.80) — ideal for wave ii corrections.
Wave (iii) reached 1.618 extension of Wave (i) at around ₹5,048.85 — confirming it as an extended wave.
Wave (iv) respected the 0.382 retracement zone from Wave (iii), retraced till around ₹4,208.70 – ₹4,538.55.
Projected Target for Wave (v): ~₹7,635.55 (also marked as end of Wave 1 in pink).
📊 Indicators:
RSI: Currently at 57.09, just above the neutral zone.
Indicates moderate bullish momentum, not overbought.
RSI is rising, supporting the continuation of wave v.
Volume: Fairly steady — no divergence observed, backing the price action strength.
✅ Key Support Zones:
₹4,208 – ₹4,538: Support cluster (Fibo retracement zone of wave iv).
₹2,766.05 and ₹2,101.80: Long-term supports from earlier wave structures and retracement levels.
⚠️ Verification & Corrections:
✅ Wave labeling and Fibonacci levels appear technically correct.
✅ Subwaves are well-defined and follow Elliott Wave rules:
Wave iii is not the shortest.
Wave iv does not enter Wave i territory.
⚠️ Keep an eye on divergence or failure at ₹5,900–₹6,000 zone — critical resistance before ₹7,600.
📌 Summary:
Eicher Motors is in the final stages of completing Wave v of Primary Wave 1, with a projected upside target near ₹7,635. RSI and volume confirm a healthy uptrend, and Fibo levels add credibility. The structure appears valid and aligns well with classical Elliott Wave and Fibonacci guidelines.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.