TATA Power breakout, new targets as per Elliott wave
TATA Power has finally given breakout by closing above 464.2 which has been the LTH since long.
This is a sign that consolidation phase is over and new targets are open.
Had this closing come yesterday with monthly closing it would have been an icing on the cake. Now with tomorrows weekly closing if it remains above today's low and close higher than 465 we can probably consider it is not a fake breakout.
As per Elliott wave we must be in the past impulsive wave 5 (in blue) and within that we must be in the wave (iii) in green. Target for this wave 3 can be around 511+. I am considering it will close around 522 due to upper resistance line but if it crosses the channel then we will have to redraw the waves.
For now assuming it will move all inside the channel the possible wave projection is drawn on the chart in green. The final target can be near to 560.
** This is not a trade advice, please do your own analysis before taking any trade and keep trailing stop loss.
This is a sign that consolidation phase is over and new targets are open.
Had this closing come yesterday with monthly closing it would have been an icing on the cake. Now with tomorrows weekly closing if it remains above today's low and close higher than 465 we can probably consider it is not a fake breakout.
As per Elliott wave we must be in the past impulsive wave 5 (in blue) and within that we must be in the wave (iii) in green. Target for this wave 3 can be around 511+. I am considering it will close around 522 due to upper resistance line but if it crosses the channel then we will have to redraw the waves.
For now assuming it will move all inside the channel the possible wave projection is drawn on the chart in green. The final target can be near to 560.
** This is not a trade advice, please do your own analysis before taking any trade and keep trailing stop loss.
Note
Weekly close is not above 465 so will have to wait before considering it a breakout.Note
for next 2 days 448-450 is very strong support area because the trendline in red as well as support trendline in yellow both are meeting in that area so double the support.Note
As I mentioned weekly closing was needed above 465 which did not happen so it turned out to be a false breakout.
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