Mahindra & Mahindra Indian Stocks Elliott Wave Technical Analysis

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: 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 – M_M (4H Chart) 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 4H 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.