Tata Steel- Elliott Waves Analysis 20 May 2015

TATASTEEL - Alternate 2 - May-20 1312 PM (2 hour)

Elliott Waves Analysis of Tata Steel: The upmove was a 9 wave in which 5th wave subdivided in sub waves. Wave 1 on the upside is complete and we in a wave 2 correction. A and B of the ABC are over while C is going on. Since A and B were subdivided in 3 waves each which suggests the formation of a flat (3-3-5). So, the C wave ideally be subdivided into 5 waves, though I have not seen any subdivision, which could mean C wave completion without any subdivision. First support, I see at 347 which is at 50% internal and 127% external retracement.
While the possibility of correction to reach 62% is still open, the correction in waves are majority steep decline and short term, so the complex correction though possibility is open, probability is low.
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