TECH MAHINDRA – TECHM (1D Chart) Elliott Wave Technical Analysis

Function: Larger Degree Trend Higher (Intermediate Degree, Orange)

Mode: Motive

Structure: Impulse

Position: Minute Wave ((iv)) Navy

Details: Minute Wave ((iv)) might be complete as a triangle around the 1600 mark. If correct, Minute Wave ((v)) to resume higher soon.

Invalidation point: 1420

Tech Mahindra Daily Chart Technical Analysis and potential Elliott Wave Counts:

Tech Mahindra daily chart is indicating a progressive trend higher towards 1800 levels as Minor Wave 3 Grey unfolds. High probability remains that the stock is preparing to resume Minute Wave ((v)) of Minor Wave 3 and prices should ideally stay above 1575 mark.

Tech Mahindra had terminated Intermediate Wave (4) Orange around 940 levels in June 2022. Since then, Minor Waves 1 and 2 completed around 1160 and 1105 levels respectively. Furthermore, Minute Waves ((i)) through ((iv)) of Minor Wave 3 also look complete.

If the above proposed counts are correct, the stock should resume higher towards 1700-1800 zone as Minute Wave ((iv)) triangle completes. Thereafter, prices should ideally stay above 1420, the termination of Minute Wave ((i)).

(Click on image to enlarge)

TECH MAHINDRA – TECHM (4H Chart) Elliott Wave Technical Analysis

Function: Larger Degree Trend Higher (Intermediate Degree, Orange)

Mode: Motive

Structure: Impulse

Position: Minute Wave ((iv)) Navy

Details: Minute Wave ((iv)) might be complete as a triangle around the 1600 mark. If correct, Minute Wave ((v)) of Minor Wave 3 Grey within Intermediate Wave (5) Orange to resume higher soon.

Invalidation point: 1420

Tech Mahindra 4H Chart Technical Analysis and potential Elliott Wave Counts:

Tech Mahindra 4H chart is highlighting the sub waves since Minute Wave ((ii)) of 3. Minute Wave ((iii)) is an impulse followed by a potential triangle unfolding as Minute Wave ((iv)), which is potentially complete around 1600 mark. If correct, Minute Wave ((v)) should be ready to turn higher from here.

(Click on image to enlarge)

Conclusion:

Tech Mahindra is progressing higher within Minute Wave ((v)) of Minor Wave 3 Grey within Intermediate Wave (5) Orange against 1420 mark.

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