A bounce in BAJAJ FINANCE and then a 12 percent FALL??
Bajaj Finance Ltd. completed a 5 wave up move in Oct. 2023( beginning in March 2023).
From the very top of the 5 wave advance the stock seems to have fallen down in a 5 wave. This 5 wave to the downside should be considered as just the wave "A" of the correction that has begun in the stock.
Wave B in the stock should now unfold in the stock to the upside(with upside limited to 50%-61.8% of wave 'A').
The 50% retracement of wave 'A' which comes in at 7750 should be considered as a major resistance and a probable area where wave 'B' could stop(61.8% retracement otherwise).
Wave 4 low for the stock was at 6800 and that could be the target zone till where the wave 'C' could extend once it begins.
Note*- This is not a buy/sell recommendation. This post is for educational purpose only.
From the very top of the 5 wave advance the stock seems to have fallen down in a 5 wave. This 5 wave to the downside should be considered as just the wave "A" of the correction that has begun in the stock.
Wave B in the stock should now unfold in the stock to the upside(with upside limited to 50%-61.8% of wave 'A').
The 50% retracement of wave 'A' which comes in at 7750 should be considered as a major resistance and a probable area where wave 'B' could stop(61.8% retracement otherwise).
Wave 4 low for the stock was at 6800 and that could be the target zone till where the wave 'C' could extend once it begins.
Note*- This is not a buy/sell recommendation. This post is for educational purpose only.
Trade closed: target reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.