After giving fake breakout we have seen price has reversed sharply there by breaking prior swing low in lesser time then prior swing high took to form giving us a double confirmation of trendline breach along with faster retracement.Meaning a significant top has been formed in the stock for atleast next 6 months and It seems like tata motors has ended it's 5 wave impulsive move on the upside on primary degree, when it closed below 485 on 26-11-2021,meaning current correction can take prices to primary wave 4 low's coming at 288-290 levels.Any one entering stock around wave 4 bottom and carrying In the money Long position should protect there profit by keeping a stop-loss as per there risk apetite.Ideally one should exit longs at current levels itself but still for someone with higher risk apetite 435 can be a good level that can act as support and should be kept as stop-loss.
Now going ahead on hourly chart it seems like it is making diametric corrective pattern which can take prices between 406-380 levels.Following this we will have upmove in the form of wave X,once wave X is done we can expect another correction unfolding taking prices to sub 300 levels,but as of now 406-380 is price target for the on going correction.As of now it seems like we are done with wave A,B,C and D and currently wave E is going on.One can initiate short trade @ cmp of 458 with a stop of wave D high @ 478 for a target of 418 on the downside.
Stop-loss should be trailed everyday to previous day's high on closing basis once trade is in the money from cmp.
Disclaimer:This analysis should not be used for creating or exiting new or old position respectively,i am publishing this just for my future reference.
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Wave D shown above is sub-dividing and taking more time then expected.I still feel that we are still one leg away from bottom meaning current rise will not sustain and we will at least see a drop in the form of wave E if the current fall takes the form of triangle.One should avoid buying this stock at current levels.will update idea further later.
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I have just re-labelled correction,but the view shared above is maintained,prices are behaving as discussed above.Targets are still valid.
I have Tata Motors DVR. Should I sell it? Please reply positively.
UNDERDOG-29
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@sanjaykedia, havent checked charts of tatamotors dvr,but i guess it moves in tendem with tatamotors and irrespective of labels i think tata motors can go down till 410.
alpesh1433
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Dear sir, how to mark yr label 1,2,3,4,5 in round circle in trading view ?
UNDERDOG-29
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@alpesh1433, arey dont call me sir......and to answer your question after plotting impulse you right click on it,select primary degree
alpesh1433
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@UNDERDOG-29, Dear my question is like this how to mark 1 in round circle that means if we type (1) then use ( ,1 , ) this simbol. so how to type1 in Round circle
UNDERDOG-29
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@alpesh1433, i need to change the degree,i havent typed it on the chart,i have selected impulse pattern and selected primary degree
koona
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I think today it hit Stop loss of 478, so still trade to be carried or can be exited?
UNDERDOG-29
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@koona, you can wait for first hourly candle,if it closes above 478 then trade is off.