Wednesday, February 01, 2017

>MARUTI elliott wave counts

Hi Friends,
                   Maruti the relentless BULL,This is moving one wave since 2012.
A 2 year consolidation correction (2010-2012),Since then its one way no correction more than 6 months.The stock has gone almost 6 times in over 5 years.
The above chart is weekly chart the waves look so clear in it. We have a clear impulsive move lets break it down,We had a leading diagonal in wave 1 and then a multiyear 3rd wave .
Presently 5th wave is on which is last wave up before abc correction unfolds.
Posting another chart Maruti daily to have a closer look at 5th wave.

From the above chart look at the trendline drawn to look for the end of the trend .Once this trendline breaches the move is over for quite some time.Many investors who have bought for long term in this range should be careful at these levels if the trendline breaks down .Keep eye on this trendline would touch on this again in coming weeks.


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