CNXAUTO - Not at a price point for fresh investmentsNifty Auto IndexNSE:CNXAUTOMurthy_SanthoshTF: Weekly CMP: 26000 The counts from Covid lows (2020) suggests that the 3rd wave has ended and the stock is due for 4th wave correction. I have marked the primary and sub wave counts in the chart for easy understanding. One could argue that the 3rd wave has ended at 27500 (on Sep 2024) In that case, either expanded flat A and B are done now and the price is moving down on C wave to go below 19000 Or, even worst, 3rd has ended on sep 2024 high and 5th had ended at 29K (Jan 2026).. this would mean a larger correction in play on this counter. Whichever way you look at, at 26K this is a not a great place to buy the stocks in Auto index. Here is the count from larger view perspective We could very well witness euphoric moves in auto stocks (sign of termination wave) or abcde wedge as part of distribution. Think rationally and decide. If you are someone with bullish bias, I could be totally wrong here and the stock is still doing it's extended 3rd wave upmove :) Disclaimer: I am not a SEBI registered Analyst and this is not a trading advise. Views are personal and for educational purpose only. Please consult your Financial Advisor for any investment decisions. Please consider my views only to get a different perspective (FOR or AGAINST your views). Please don't trade FNO based on my views. If you like my analysis and learnt something from it, please give a BOOST. Feel free to express your thoughts and questions in the comments section.