HERO MOTOCORP – HERO (1D Chart) Elliott Wave / Technical AnalysisFunction: Uptrend in a Larger Degree (Intermediate Degree in Orange)
Mode: Motive
Structure: Impulse
Position: Minor Wave 5 (Grey)
Details: Minor Wave 5 is advancing higher, with support against the 5040 level. Alternatively, Wave 5 might have finished below the 6400 mark.Invalidation Point: 5040Hero MotoCorp Chart Technical Analysis and Potential Elliott Wave Counts:The daily chart for Hero MotoCorp suggests that Minor Wave 5 (Grey) is progressing upwards towards the 7310 mark, or it may have ended just below the 6400 level. The key support lies at the 5040 level, where Minor Wave 4 (Grey) terminated, helping to confirm if a peak has formed.Since the March 2022 lows around the 2150 level (Intermediate Wave (4) in Orange), the stock has rallied in five distinct waves (Minor Waves 1 through 5) up to the 6360 high. This rally could indicate the completion or ongoing progress of Intermediate Wave (5) in Orange.Additionally, Minor Wave 3 (Grey) included an extension in Minute Wave ((iii)) between the 2245 and 5921 levels. Following this, Minor Wave 4 retraced to 5040, and bulls have since pushed higher to potentially complete Minor Wave 5, part of Intermediate Wave (5) in Orange.(Click on image to enlarge)HERO MOTOCORP – HERO (4H Chart) Elliott Wave / Technical AnalysisFunction: Uptrend in a Larger Degree (Intermediate Degree in Orange)
Mode: Motive
Structure: Impulse
Position: Minor Wave 5 (Grey)
Details: Minor Wave 5 is advancing higher, with support against the 5040 level. Alternatively, Wave 5 could have ended below the 6400 mark, as the rally between the 5040 and 6350-6360 levels can be subdivided into five waves.Invalidation Point: 5040Hero MotoCorp 4H Chart Technical Analysis and Potential Elliott Wave Counts:The 4-hour chart for Hero MotoCorp details the internal waves within Minute Wave ((v)) of Minor Wave 3 and beyond. Minor Wave 4 unfolded as an ((a))-((b))-((c)) corrective wave, where Wave ((b)) formed a triangle, and Wave ((c)) ended as a diagonal around the 5040 level.(Click on image to enlarge)Conclusion:Hero MotoCorp is either continuing with Minor Wave 5 of Intermediate Wave (5) in Orange towards 7310 or has already completed Wave 5 around the 5360 level.More By This Author:
Hero Motocorp Stocks Elliott Wave Technical Analysis – Tuesday, October 8,
