BAJAJ FINSERV – BAJAJFINSV (1D Chart) Elliott Wave Technical Analysis

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

Mode: Motive 

Structure: Impulse 

Position: Minor Wave 3 of intermediate Wave (5) 

Details: Intermediate Wave (4) Orange completed as a triangle. Minor Wave 3 Grey of Intermediate Wave (5) underway also looks complete around 1920-30. If correct, expect a corrective Wave 4 before prices turn higher again. Alternatively, Wave 4 already completed above 1800 mark and Wave 5 Grey is progressing now.

Invalidation point: 1523

Bajaj Finserv Daily Chart Technical Analysis and potential Elliott Wave Counts:

Bajaj Finserv daily chart is indicating a progressive rally, which could be within its last wave; Intermediate Wave (5) Orange and potentially terminate around the 2100 mark. Immediate price support is seen at 1525, which is Minor Wave 2 Grey, termination.

Bajaj Finserv was unfolding a triangle as Intermediate Wave (4) Orange since July 2022, after printing lows around 1075 mark. The triangle sub divided within Minor Waves A through E and terminated around 1420 on June 04, 2024.

Intermediate Wave (5) Orange has been unfolding since then and Minor Waves 1, 2 and 3 look complete around 1660, 1525 and 1920-30 range respectively. If the above is correct, prices should ideally carve a sharp Wave 4, before proceeding higher.

(Click on image to enlarge)

BAJAJ FINSERV – BAJAJFINSV (4H Chart) Elliott Wave Technical Analysis

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

Mode: Motive

Structure: Impulse

Position: Minor Wave 3 of intermediate Wave (5)

Details: Intermediate Wave (4) Orange completed as a triangle. Minor Wave 3 Grey of Intermediate Wave (5) underway also looks complete around 1920-30. If correct, expect a corrective Wave 4 before prices turn higher again. Alternatively, Wave 4 already completed above 1800 mark and Wave 5 Grey is progressing now. Potential target is seen through 2090 mark.

Invalidation point: 1523

Bajaj Finserv 4H Chart Technical Analysis and potential Elliott Wave Counts:

Bajaj Finserv 4H chart highlights the wave structure since terminating Intermediate Wave (4) Orange around 1420. Please note Minor Wave 2 Grey unfolded as an expanded flat terminating around 1525 and Minor Wave 3 rallied through 1937 highs.

If correct, prices should drag lower through 1770-80 range before turning higher again towards 2100 mark to terminate Wave 5 Grey. Prices should ideally stay above 1525 going forward.

(Click on image to enlarge)

Conclusion

Bajaj Finserv is unfolding Minor Wave 4 Grey and terminate around 1770-80 range before turning higher again.

Elliott Wave Analyst: Harsh Japee

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