TataSteel- Stop of 408.60 -Shagun of 51 Points@357.60

227 4
TS looks to have travelled almost an impulsive leg from highs@408.60.. Oh-we traded "TS" on top. Look-what has happened- it made a low@357.60- likely if it breaks 357.60- it shall continue to the range first 354-355 where it will travel 38.2% of ((i)) -(( iii )) wave

I changed slightly -((iv)) also opened up as "a-b-c" structure

Trading strategy
Likely we are very close to this complete impulsive fall of 408.60 -we shall look for sizeable advance -but it will be choppy as this could be B-wave & the fall which we saw from 408.60 could be A-wave

Divergence is clearly visible in momentum indicators.

A Trade with stop above 408.60

Got the b-wave in ((iv))-wave

Trade active: 09:40 Hrs-19thSep2016 - TS makes a low@355.30 & takes U-turn- Any long positions -should follow the trail stop loss method to avoid any losses & reap maximum benefit.
Trade active: 11:57 Hrs-19th Sep2016 Bounced from 354-355 to halt at 363 - Opening up for the next leg upside till 366 first & later 369 -should sustain above 360 for current session
Trade active: 12:05 Hrs-19th Sep- This is not a fresh position -if you are taking it kindly take with strict stop loss below 361 & others also put a strict stop below 361- if hits we are out & shall come back later again.
Trade active: 12:25 Hrs- 19th Sep2016- There is downside thrust likely as 361 taken out suggesting that fall isn't complete & it shall attempt to make a new low below 355- so no longs
Trade active: 12:30 Hrs I am not taking any position -neither longs or short - kindly wait
Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
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India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
Abhishek, What could be the possible target for this move ?
It bounced from 354-355 area -as expected, but this move is not giving me confidence of an upside rally kind of thing at present there is resistance coming at 362.50-363.50 zone- likely I will suggest to book partial may be 40% or so -if you see TS not crossing 363. As an analyst market challenges me as well & sometimes I struggle to understand.
meharkch AbhishekHSinghCMT
Thank you Abhishek...
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