Chart Update : Bajaj Auto

Bajaj Auto Chart:

Attached is Elliot wave count for Bajaj Auto. It is falling continuously in well-formed downward trending channel. 1805 is very critical number for Bajaj auto as it is

• ·         Trend line resistance
• ·         38.2% retracement for wave 3
• ·         Upper price channel line resistance.

Above 1805 share can target 1850(50%) and 1890(61.8%) retracement zone. I have to rethink about my preferred count above 1905. Daily trend is firm up. For tomorrow 1788(5week close EMA) is the most important. Bulls need to save this at any cost for more up move. EOD close below 1788 will make share sell on rise till 1805 is not crossed on closing basis.

If we have finished wave 4 at 1805 then target for wave 5 and wave C/3 comes at 1628 and 1600.

So,plan your trade accordingly. 

To follow Pattern trading on Facebook: Click Here

You can also register your mail id on right hand side of blog to receive update straight to your mailbox.

Happy Trading. 

DISCLAIMER:

All the views and contents mentioned in this blog are merely for educational purposes and are not recommendations or tips offered to any person(s) with respect to the purchase or sale of the stocks / futures. I do not accept any liability/loss accruing from the use of any content from this blog. All readers of this blog must rely on their own discretion and neither any analyst nor any publisher shall be responsible for the outcome.