Elliott Wave Technical Analysis: Hero Motocorp

HERO MOTOCORP – HERO (1D Chart) Elliott Wave Technical Analysis

Function: Counter Trend (Minor degree Wave 4, Grey)
Mode: Corrective
Structure: Flat
Position: Wave (b) orange
Details: Minor Wave 4 Grey, unfolding as a Flat, against 5900.

Invalidation point: 5900

Hero Motocorp Daily Chart Technical Analysis and Potential Elliott Wave Counts:

Hero Motocorp daily chart is suggesting a progressive rally unfolding as Intermediate Wave (5) Orange at a larger degree, which has potential to push through 6500 mark going forward. At the time of writing, potential Minor Wave 3 Grey looks complete around 5900 mark with correction underway.

Hero Motocorp had terminated its Intermediate Wave (4) Orange around 2150 lows in March 2022. Since then, the stock has rallied through 5900 highs sub dividing into Minor Waves 1 to 3 Grey, as labeled on the chart.

If the above wave structure holds well, the stock should produce a corrective wave at Minor degree to terminate Wave 4 Grey before the final rally resumes higher towards 6500 levels. Traders might still want to hold long positions as rally looks incomplete.

HERO MOTOCORP – HERO (4H Chart) Elliott Wave / Technical Analysis:

Function: Counter Trend (Minor degree Wave 4, Grey)
Mode: Corrective
Structure: Flat
Position: Wave (b) orange
Details: Minor Wave 4 Grey, unfolding as a Flat, against 5900. A marginal push above 5900 would still keep the corrective wave structure intact as a potential expanded flat.

Invalidation point: 5900

Hero Motocorp 4H Chart Technical Analysis and potential Elliott Wave Counts:

Hero Motocorp 4H chart highlights the sub waves between Minute Wave ((iv)) and ((v)) Navy and further. The rally being an impulse, the sub waves have been marked as Minuette Waves (i) through (v) Orange between 4175 and 5900 levels.

If Minor Wave 3 Grey is complete around 5900 level, a corrective wave; Minuette Wave (a)-(b)-(c) Orange is now underway against the high. Also note that potential remains for a triangle or expanded flat structure as well before Minor Wave 4 terminates.