ELLIOT WAVE -3 BEGINNING

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.