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