Tata Steel Elliott Waves Analysis Update: After writing the review yesterday on Tata Steel, Wave C actually Started subdividing, it formed the Wave 1 of C with the upmove and now its opened gap down. It has clearly broken the first support level of 50% and reached 62%. Here the support is at 343-338 area (ideally prices should not god below this area), which is holding, yet we should ideally see the 5th wave on the downside (sometimes the C waves are only 3 waves), still since the 62% retracement is over and time wise we have reached 50% of the full Impulsive move.
If prices don’t retrace further then we will have 2 scenarios, both of them suggesting upmove:
As already said in the wave 2 the corrections are shorter in duration than wave 4 and structures are sharper than 4. This is general observation. Which means we should start seeing an upmove in the form of wave 3 once the correction ends.
Second, scene is that this completed abc (though 5th wave still may be remaining), is just the wave a of the entire correction, if that’s the case we may still go up as a wave B.
So, both cases suggesting the case of upmove. (we may be able to gauge the if its B wave or 3 wave with the strength of the move). I, must tell you that even though both cases may be suggesting the upmove, I don’t take my entry just based on this, I have a proper system from entering till exiting, which is very lengthy to explain here.
“This is just a personal view and neither a recommendation nor a tip nor an advice for any trade”
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