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
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Wave (1) completed near ₹950–1000
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Wave (2) correction currently unfolding
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Price respected the mid-channel support and is forming a probable bottoming zone
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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
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₹221 holds as the long-term support base
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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
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Above ₹450 — strong breakout signal indicating Wave (3) ignition
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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
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RSI is deeply corrected and entering reversal territory between 32–35
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No new lower low on RSI → bullish divergence developing
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Indicates weakening selling pressure & potential bottoming
Conclusion
🟢 Primary View: Bullish
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Buy on dips towards ₹365 – 324 – 277
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Long-term target: ₹1234 – ₹1425, 1955
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Bullish as long as ₹221 holds
🔴 Alternate Bearish View
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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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