TVS Motor analysis: Abhishek Mittal

After a dream run from 30 to 320 odd levels TVS Motors has corrected quite a bit. But should we buy on this dip? Well lets approach
Elliot wave theory for guidance
Looking at the charts above it is clear that we are in the 4th wave and the 5th wave on higher side is due to come which may take the stock  to some where near 450 odd levels. The correction took a halt at the 38.2% retracement level of the entire rally. One should go forward and add the stock on dips with an aggressive stop loss at 199 for targets of 280 in the short term and 450 in a longer time frame.