Ola Electric, which got listed on 9 Aug 2024, witnessed a brief rally followed by a deep correction that unfolded as a triple zigzag (W–X–Y–X–Y), completing on 14 Jul 2025.
Since then, the stock has been forming its first impulse wave:
Wave 1: A strong single candle move of over 18%, facing resistance near the 61.8% retracement of the prior swing. The subsequent deep correction (typical of Wave 2) reflected early skepticism, completing on 12 Aug.
Wave 3: A powerful advance with a 5th-wave extension, taking the stock nearly 79% higher. Sub-wave (v) extended to 1.618× the distance of sub-waves (i)–(iii).
Wave 4: A corrective zigzag, retracing deeply and taking support near the sub-wave (i) region. The correction likely completed on 14 Oct, followed by a sharp rebound that hit the upper circuit.
With Wave 4 likely complete, a potential Wave 5 may unfold.
Buy with a target near recent highs and a stop loss at ₹47.
Trade closed manually
The stock moved over 19% since Wave 4 formation, however negative developments with respect to the company (FIR filed against Bhavish Aggarwal and another following death of an engineer) resulted in negative sentiment and resultant stock correction. The stock entered W1 area. Hence trade was closed. 
ChartTheWave |
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This channel is a common forum for "Elliott Wave Principle" enthusiasts, learners and practitioners. We aim to build a team of traders who practice EWP for common benefit; co-learn, teach, share, validate and benefit.
t.me/chartthewave
This channel is a common forum for "Elliott Wave Principle" enthusiasts, learners and practitioners. We aim to build a team of traders who practice EWP for common benefit; co-learn, teach, share, validate and benefit.
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.
ChartTheWave |
t.me/chartthewave
This channel is a common forum for "Elliott Wave Principle" enthusiasts, learners and practitioners. We aim to build a team of traders who practice EWP for common benefit; co-learn, teach, share, validate and benefit.
t.me/chartthewave
This channel is a common forum for "Elliott Wave Principle" enthusiasts, learners and practitioners. We aim to build a team of traders who practice EWP for common benefit; co-learn, teach, share, validate and benefit.
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.