Wave 3 Setup Building in TECH MAHINDRA?

Jun 16

After completing Wave 4, TECHM has started a new impulsive structure. Wave [1] was followed by a clear A-B-C flat correction, forming Wave [2] near the demand zone. The recent breakout indicates the beginning of Wave 1 of a larger Wave 3.

Supporting signals:

• Strong volume during impulsive rallies.
  
• RSI is rising but not yet in the overbought zone, indicating room for further upside.
  

Price is currently near the previous supply zone around ₹1712. A retracement toward the 0.382–0.236 Fibonacci levels (₹1640–₹1665) is expected before a further move higher in Wave 3.

Important levels:

• Resistance: ₹1712
  
• Retracement support zone: ₹1640–₹1665
  
• Stop loss / invalidation: ₹1535
  

The current structure remains valid as long as price holds above ₹1535.

Chart will be updated as price action evolves.

Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please do your own research (DYOR) before making any trading decisions.

Jun 19

Note

Chart Update:
Price has completed an initial retracement to the 0.236 Fibonacci level near ₹1665 after facing resistance at ₹1721. The correction is unfolding as expected. Further retracement towards the 0.382 level (₹1640) remains possible to complete Wave 2 before a potential Wave 3 advance. The larger bullish structure remains intact as long as price holds above ₹1535.