Additionally the CMP is at a 127.2% extension of the current down wave. This is very commonly observed. It may go down further to 161.8%
Overall I consider this a distinctly long opportunity
Long position @716 (futures)
Trade closed manually:
Closed @740... 24 points per lot (futures lot size 750)
Tata Chemicals seems to be respecting the right shoulder of the developing Inverted H&S. A patient investor could perhaps make a very profitable long trade stretching into June futures contract or cash.