UNDERDOG-29

ELLIOT WAVE -3 BEGINNING

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NSE:TATACONSUM   TATA CONSUMER PRODUCT LTD
LOOKS LIKE TATA CONSUMER HAS COMPLETED ITS DOUBLE CORRECTION (WXY) ON THE BASIS OF TODAY'S PRICE ACTION. AS THE CORRECTION TOOK FORM OF EXPANDED FLAT EXTENTION TARGET OF WAVE Y (123.6% OF WAVE W FROM THE BEGINNING OF WAVE X) COMES @ 587 ALONG WITH 61.8% RETRACE LEVEL OF WAVE 1 @ 589 WHICH FORMS A GOOD SUPPORT. THIS COUPLED WITH A BULLISH PIERCING CANDLESTICK PATTERN WITH LONG TAIL SUGGEST THAT BUYING HAS RESUMED. AS PER RULES PROJECTED TARGET OF WAVE 3 IS GENERALLY 161.8%(707) OF WAVE 1 FROM WAVE 2 LOW'S. AS PER CLASSIC DOW THEORY STOCK IS ALREADY MAKING HIGHER HIGHS AND HIGHER LOWS WHICH IS ALSO MAKING CASE OF BUYING THIS STOCK ON DIPS. VIEW IS NEGATED IF 161.8% EXTENSION LEVEL OF WAVE W(@565) IS BREACHED ON THE DOWN SIDE. ALTHOUGH I AM POSTING THIS IDEA ONLY FOR SHARING MY ANALYSIS AND FOR THE FEEDBACK FROM WHO SO EVER READS THIS BUT PERSONALLY I THINK THIS STOCK CAN BE BOUGHT @CMP OF 600 WITH EXIT OF 565 ON THE DOWNSIDE AND POTENTIAL TARGET OF 707 ALTHOUGH

PS:I HAVE CONSIDERED TARGET PROJECTION FOR WAVE 3 BECAUSE WAVE 1 HAS 5 SUB WAVES MEANING AN NEW IMPULSE.LEVELS SHOWN IN GREEN(DOWNSIDE) ARE RETRACEMENT OF WAVE 1,SHOWN IN BLACK(DOWNSIDE) ARE EXTENSION LEVEL OF WAVE W FROM WAVE X TOP AND SHOWN IN BLACK(UPSIDE) ARE PROJECTION OF WAVE 1 FROM WAVE 2 LOW'S FOR WAVE 3 TARGET.

DISCLAIMER:I HAVE THIS STOCK IN MY PORTFOLIO AND HAVE BEEN FOLLOWING THIS STOCK FROM 3-4 MONTHS.

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