3 Mar 2021 ● 07:29 AM
Eicher motors daily momentum crossed over to the buy-side. This after a 5 wave advance and a pullback that is mostly wave 2 of a larger trend going on. So the next move up when it happens will be wave 3 circle. Drawing a channel around price shows the upper end to be near 4000 but wave 3 can extend to equality over time. That would be near 5800. Wave 3 may also subdivide so it will take its own time.
So I have to also step back on the big picture because I did once consider last year that the long term chart shows 5 waves can be complete but on second thoughts in line with the Auto index the last bear market may be only wave 4 circle and wave 5 up is starting now. So till we complete 5 waves inside wave 5 this is not done in terms of how far we can go on the upside. 5th waves can truncate so I will not extrapolate that the upper channel has to be touched but that is a long way off. Let's count 5 waves from the bottom and consider it from there on.