TATA STEEL: Correction
After a five wave rally stock is correcting in a three wave fashion. The five wave rally can be considered as a wave-1 of higher degree and the subsequent fall should be taken as wave-2. Hence,stock is likely to correct towards 100/97 area which is also a 50%-61.8% fibonacci retracement zone, which suits better retracement for wave-2.
Trading strategy: Sell 103 , SL: 106 tgt: 100/97
Trading strategy: Sell 103 , SL: 106 tgt: 100/97
Manish Bhardwaj (CMT L-1)
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tradingsutra.com
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twitter.com/mansh_25
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@TRADINGSUTRA @WAVESUTRA
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