Maruti Suzuki: Elliott Wave Counts

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Maruti Suzuki was one of the underperformer stock in Auto sector, but is it still under performing?

This can be understood with the help of Elliott wave counts which help us to identify the important reversals. Combining Elliott wave analysis and simple technicals such as Fibonacci retracement levels helps us to find out the possible target.

Maruti Suzuki 60 mins chart


Maruti Suzuki, Tata Motors, M&M, Bajaj Auto are Auto mobile stocks which comes under auto mobile sector.
As shown in daily chart, Maruti made a high of 1774 in the month of May 2013 and thereafter it is moving down in a falling red channel. Currently prices are quoting at the support of the lower trend line, also RSI has exhibited positive divergence which opens positive possibilities. Now it is important to see a positive confirmation in this automobile stock which it gave today by moving up about 4.54%.

From 60 mins chart, prices bounced from the lower end of the channel and gave a bullish break along with RSI exhibiting positive divergence (shown by blue line), thus opening up positive possibilities for this auto stock.

From wave perspective, prices are moving in a 5 wave structure and it is impulse in nature. Recently prices completed its last leg on downside and completed the pattern thus giving us positive confirmation. The stock completed wave…. and now it can move till ….. levels

In short, Maruti looks positive above …., a move above ….. levels can take prices higher till ….. levels over short term.

We have hidden the higher degree wave counts but you can learn from us how to plot wave counts and initiate trade with proper risk reward.

“Don’t get carried away, think objectively”



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