Maruti Suzuki Elliott Wave

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Maruti Suzuki is one of the out performer  auto stock just like Tata Motors, Bajaj Auto etc. The trend still looks to be positive but on 12th December 2013 the stock started correcting. It seems that it will change the trend as well. Such kind of movement is difficult to trade but with the help of Elliott wave counts it is easy to identify the reversals.

The following excerpt is been picked from our daily research report "The Equity Waves" where we have shown the possible reversals and Elliott wave counts.

Maruti Suzuki Daily chart

As shown in the daily chart of Maruti Suzuki, currently the stock is moving up by forming higher highs and higher lows which is a positive sign for this auto stock. However, the stock has arrived near the resistance of the channel. RSI has also exhibited negative divergence.

As seen in 60 mins chart, ..........................

From wave perspective, prices have probably completed wave c of double correction (a-b-c-x-a-b-c) and can move down from current levels till .... in the form of next leg on downside.

In short, a move below ... will accelerate selling pressure which will drag prices lower till .....levels over short term. However, failure to protect .... will indicate that it is moving up in the form of wave ....



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