Maruti Suzuki: Elliott Wave Forecast

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Maruti Suzuki daily chart


Maruti Suzuki hourly chart

From the above daily chart, the auto stock has rallied from 4000 to 6250 levels in last 4 months. However, the upward rally is now stalled and awaits a direction. It is imperative for prices to either move above 6250 for the rally to continue or to break the support for a correction. Daily RSI has started moving lower after testing overbought levels.

As per hourly chart, prices are moving in a rising wedge formation and now it is on the brink to break the support of 5740 which will infuse further selling pressure and will break the lower trend line of the wedge pattern. Once the pattern is broken it will be a confirmation that prices are set for correction.

From wave perspective, before wedge pattern, prices have completed the down move in (a-b-c) where wave c is 78.6% of wave a to wave b. Now in wave a or in wave i, leading diagonal is likely and so it is labeled as wave a/i, so now wave b/ii is likely lower till 50-61.8% of the previous rise (4000-6250).

The summation is the stock is poised to plunge till 5125 once the support of 5740 is broken, the resistance will be at 6070.

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