Bajaj Finance Neo wave count

Nov 26, 2021

Post covid we are seeing Bajaj Finance going up forming double correction WXY on primary degree.Currently we are done with wave W(Zigzag correction) followed by wave X(A expanded flat) and right now we are in the making of neutral triangle pattern of which wave A,B,C are done wave D is going on which can take prices to 6350 levels,post which we can see bounce in the form wave E which would be last leg of second correction wave Y on primary degree.This second correction has taken a form of neutral triangle in which wave C is longest wave and wave D enter's wave B's territory there by making head & shoulder top pattern.

Long trades should be closed and one can even go short at cmp of 6807 with a closing stop-loss of 7050(today's high)on closing basis for a target of 6350 on the down side.

PS:If we get bounce from 6350 levels and considering wave E not registering new high (as per neutral triangle pattern rule),we would be making inverse cup and handle pattern,neckline level for which would be wave E low(most probably 6350) giving us ultimate target of 4646.

Disclaimer:This are just my views no positions should be build or exited on it's basis,i am posting this analysis just for my future reference.

Nov 30, 2021

Note

Seems like we are done with wave D,and wave E has started on the downside.Targets are mentioned stoploss can wave D's high for short trade from here.

Dec 3, 2021

Note

Here i am discussing possible scenario's for further move from 06-12-2021 onwards.

Letters marked in red is highest degree (double bracket)
Letters marked in white is intermediate degree(single bracket)
Letters marked in yellow is lowest degree.

It seems like we are making 5 leggef irregular triangle/neutral corrective pattern on red degree of which 3 leg's are done(a,b,c) and we are in 4th leg(wave d).

This 4th leg itself is sub divided in 7 leg diamond shape diametric pattern of which 3 leg's are done(a,b,c) and as of now it seems like we might have ended even 4th leg (wave d) after looking at today's price action,but still its not yet confirmed as even this 4th leg(wave d) is sub divided either in the 5 legged irregular/neutral triangle corrective patter or 7 legged diamond shaped diametric pattern.Shown here in yellow letters.

So as of now wave d in white degree is either a neutral triangle or diametric pattern.Only time will tell which form it has taken.
Scenario 1)Neutral triangle: if we see price breaking 7000 level on monday and there by closing below it then we can assume that wave d in white degree is neutral triangle which is complete @7233 today's high and subsequent fall is wave e in white degree.

Scenario 2)Diamond diametric:if price pushes higher towards 7240 levels then we can assume that fall from 7233 was wave f in yellow degree and subsequent rise towards 7240 is wave g in yellow degree which would mark the end wave d in white degree over there.

Personally i feel possibility of scenario 1 is higher and short trade is already active with hourly closing stop of 7233 for the target of 6600 which i have shown over here because we have significant call OI @7200.

Disclaimer:This are just my view,no position should be build or exited on its basis,i am posting this for my future reference

Dec 18, 2021

Note

currently we are in wave D sub-wave C shown in brown which has taken a form of regular flat and target for wave C is coming at 6463.Look for shorting opportunities on any rise