On 10 Nov at a price of 1002, i thought we have seen a top on M&M, as I thought that maybe we have completed wave e of Wave C for M&M. However, the stock has gone on to make a Rising Wedge (or lets say an Ending Daigonal) in wave e itself making a high of 1100 on 2nd Dec and trending sideways in zone of 1100 to 1050.
A look at Weekly charts suggest 5 continuous Doji or Small Body candles in same range. Based on my current wave count, I still believe that M&M is in topping out structure. I do would like to say, that i donot wish to force a Bearish implication, however takin into account inability to move forward, after reaching previous top followed by Negative Divergence on RSI and a possible 5 wave up Rising Wedge, i expect the stock to correct in near term.
Weekly Chart:
On Daily Charts:
Old M&M Chart
These studies are based on technical analysis and the author nor the webpage shall be responsible for the profits or losses. The author may or may not have personal holding.
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