Buy on Dips Opportunity | Bullish Higher Timeframe Outlook 🚗📈
TMPV has completed a major impulsive rally from Covid lows and is currently in a Wave (2) corrective structure after topping around the 950–1000 zone (projected Wave 1 peak). The corrective move looks controlled and remains within long-term rising channel support.
🔍 Technical Analysis Summary
Elliott Wave Structure
Wave (1) completed near ₹950–1000
Wave (2) correction currently unfolding
Price respected the mid-channel support and is forming a probable bottoming zone
RSI entering oversold reversal territory, similar to previous Wave 2 formations
Once Wave (2) completes, a powerful Wave (3) rally is expected, historically the strongest phase.
🎯 Buy Levels (Accumulation Zones)
Zone & Reason
₹365 - Key structure support / neckline
₹324 - Wave (2) Fibonacci cluster & channel median
₹277 - Extreme dip / demand zone
📌 Buy on dips — strongly supported by analysis.
🛡 Risk Management
Bullish view valid as long as
₹221 holds as the long-term support base
This level aligns with lower channel boundary & 78.6% retracement of previous leg
A weekly close below ₹221 invalidates bullish structure.
📈 Bullish Trigger & Breakout Confirmation
Above ₹450 — strong breakout signal indicating Wave (3) ignition
Above this level TMPV can start aggressive upside movement toward new highs
🧠 Upside Target Projections (Wave 3 & 5)
Target Zone - Area
₹503 – 570 - Wave 3 initial zone
₹677 – 789 - Main Wave 3 target
₹955 – 1070 - Wave (4) zone (retest / consolidation)
₹1234 – 1425 - Final Wave (5) zone
📊 RSI Indicator View
RSI is deeply corrected and entering reversal territory between 32–35
No new lower low on RSI → bullish divergence developing
Indicates weakening selling pressure & potential bottoming
Conclusion
🟢 Primary View: Bullish
Buy on dips towards ₹365 – 324 – 277
Long-term target: ₹1234 – ₹1425
Bullish as long as ₹221 holds
🔴 Alternate Bearish View
Below ₹221, extended correction may continue lower
🚨 Disclaimer
Educational Elliott Wave study only. Not trading/investment advice. Do your own research.
TMPV has completed a major impulsive rally from Covid lows and is currently in a Wave (2) corrective structure after topping around the 950–1000 zone (projected Wave 1 peak). The corrective move looks controlled and remains within long-term rising channel support.
🔍 Technical Analysis Summary
Elliott Wave Structure
Wave (1) completed near ₹950–1000
Wave (2) correction currently unfolding
Price respected the mid-channel support and is forming a probable bottoming zone
RSI entering oversold reversal territory, similar to previous Wave 2 formations
Once Wave (2) completes, a powerful Wave (3) rally is expected, historically the strongest phase.
🎯 Buy Levels (Accumulation Zones)
Zone & Reason
₹365 - Key structure support / neckline
₹324 - Wave (2) Fibonacci cluster & channel median
₹277 - Extreme dip / demand zone
📌 Buy on dips — strongly supported by analysis.
🛡 Risk Management
Bullish view valid as long as
₹221 holds as the long-term support base
This level aligns with lower channel boundary & 78.6% retracement of previous leg
A weekly close below ₹221 invalidates bullish structure.
📈 Bullish Trigger & Breakout Confirmation
Above ₹450 — strong breakout signal indicating Wave (3) ignition
Above this level TMPV can start aggressive upside movement toward new highs
🧠 Upside Target Projections (Wave 3 & 5)
Target Zone - Area
₹503 – 570 - Wave 3 initial zone
₹677 – 789 - Main Wave 3 target
₹955 – 1070 - Wave (4) zone (retest / consolidation)
₹1234 – 1425 - Final Wave (5) zone
📊 RSI Indicator View
RSI is deeply corrected and entering reversal territory between 32–35
No new lower low on RSI → bullish divergence developing
Indicates weakening selling pressure & potential bottoming
Conclusion
🟢 Primary View: Bullish
Buy on dips towards ₹365 – 324 – 277
Long-term target: ₹1234 – ₹1425
Bullish as long as ₹221 holds
🔴 Alternate Bearish View
Below ₹221, extended correction may continue lower
🚨 Disclaimer
Educational Elliott Wave study only. Not trading/investment advice. Do your own research.
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Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.