UNDERDOG-29

WAVE 5 OR CONNECTOR

Long
NSE:TATAMOTORS   TATA MOTORS LTD
POSSIBILITY 1:END OF DOUBLE CORRECTION EXPANDED FLAT WXY OR BEGINNING OF WAVE 5

WAVE 4 TARGET OF EXPANDED FLAT WXY CORRECTION HAS BEEN ACHIEVED.PRICES EXTENDED TILL 161.8% OF WAVE WAVE W IN WAVE Y AND HAS REVERSED.INITIATE LONG @CMP OF 308 IN SMALL QUANTITY AND ADD IT ON EVERY DIP OF 1.5%, WITH STOP LOSS 288 AND TARGET OF 380 CONSIDERING WAVE 5 TO BE OF EQUAL LENGTH AS THAT OF WAVE 1.

POSSIBILITY 2:CONSIDERING THIS AS AN WXYXZ CORRECTION.

IN THIS CASE ALSO A BOUNCE TILL 347 IS POSSIBLE CONSIDERING LENGTH OF BOTH THE CONNECTING WAVE TO BE EQUAL.INITIATE LONG @303 WITH A SL 290 AND TGT OF 347 FOR BETTER RISK REWARD.

STOP-LOSS LOGIC
1)PRICE HAS TAKEN GAP(282-290) SUPPORT.
2)CORRECTION TARGET OF 291 HAS BEEN ACHIEVED.

INITIATING LONG LOGIC

1)CORRECTION TARGET HAS BEEN ACHIEVED.
2) BULLISH HAMMER CANDELSTICK PATTERN ON DAILY CHART WITH GOOD VOLUME
3)GAP SUPPORT AT FRIDAYS LOW.
Trade closed: stop reached

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