Is Tata Motors Ready for a Bullish Reversal?

Timeframe: Daily
Tata Motors (NSE) has been in an expanded flat correction pattern for the past 11 months. In this pattern, the highest high (HH) was 1179, and the lowest low (LL) was 683.2. Currently, the price is trading below the 200, 100, and 50 EMA levels, indicating a bearish trend.

In this expanded flat correction:

• Wave (A) completed at 855.4,
  
• Wave (B) peaked at 1179,
  
• Sub-wave 4 of Wave (C) touched 786.65,
  
• Sub-wave 5 is now unfolding.
  

Once Wave 5 is completed, traders can look for buying opportunities with target levels at 799 – 951 – 1050+. First, it’s crucial to identify the end of Wave (C) to confirm the correction’s completion and a bullish reversal.

Projecting ending point of wave (C):

• Wave (C) may end at 2.618% of Wave (A) around 628.7.
  
• Wave 5 has multiple potential targets/support levels:
  
• 0.618 extension of Wave 1 at 526,
  
• 0.382 extension of Wave 1 at 628,
  
• 1.618 reverse Fibonacci of Wave 4 at 657,
  
• 2.618 reverse Fibonacci of Wave 4 at 562.
  

We will update further information soon.