Tata Steel, sell off very likely (Elliott Wave Analysis)
Currently we have 2 Hypos for Tata Steel.
Hypo 1 in Red suggests that the Triangle completed at the 586 level (marked by red box) and we have seen a series of nested 1-2-1-2's to the downside from there on.
Hypo 2 in Yellow suggests that the W.(E) of the Triangle formed a Triangle in itself which completed near 567 level (marked by Yellow box).
In conclusion both Hypos are pointing to the downside with suggested downside targets coming in 524 to 515 zone.
SL above 568 level .
Hypo 1 in Red suggests that the Triangle completed at the 586 level (marked by red box) and we have seen a series of nested 1-2-1-2's to the downside from there on.
Hypo 2 in Yellow suggests that the W.(E) of the Triangle formed a Triangle in itself which completed near 567 level (marked by Yellow box).
In conclusion both Hypos are pointing to the downside with suggested downside targets coming in 524 to 515 zone.
SL above 568 level .
Comment:
Target 1 Level : 514 achieved, book partial and trail rest to breakeven, if things go as expected we can see down move to Target 2 level of 470 :
Comment:
Updated Count : 5 min. :
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Author : Think with the Markets
