Tata Steel- Why you should be careful & Surprise downside move

Tata Steel is my baby- because I started my career as an analyst & picked this stock for selling at 430 zones in Dec 2014 & then buying in the zone 200-210 which was Bang on Target- as I visualized this triangle in Dec2014.

Tata Steel Monthly Chart
Dec 2014 -it was in D-leg of the triangle- before coming to TradingView- when I set my eyes on TS counter. So, it could be larger wave-1 from bottoms@199.70 & likely to finish its leg at 441- recent high- likely because I want TS to break 377 which will confirm that 441 is the short term high.

I was clear that Tata Steel could surprise market because there is an expanding wedge structure- which likely happens when retails go extremely bullish on the counter.

I remember we traded circled wave-i at 408 & that was exciting till 355-357 in earlier updates.

For me as an elliottician-I am clear that Tata steel is in nested 5th waves & likely to cause havoc in the markets which it started from 441 recent high.

Trading Strategy
Any bounce in the zone 418-420 from current lows@403 can be taken as selling opportunity.

Long Term Strategy
Likely going below 377 -will be the first sign of confirmation that TS is looking for 290-295 zones which could come true in Year 2017.

Thank You.
Trade active: 10:53 Hrs 15th Nov2016

Last Price@403.50

Day's Low@399

Avoid Taking Shorts as short term bounce could be expected in the zone 410-412 if holds starts falling that recent high can be taken as selling opportunity or going into the zone 418-420 zone
Trade active: 11:03 Hrs 15thNov2016

Last Price@403

I said bounce for selling should be an opportunity -buying in the bounce is purely risk taking calls if one can afford to lose with strict stops below 400-401 zone then can go for targets 410-412 & later 418-420 zone
Trade active: 11:27 Hrs 15th Nov2016

Last Price@398

TS is not holding downside
Trade active: 13:43 Hrs 15th Nov2016

Last Price@400
Nifty started for a bounce from 8140-8150 zones so TS could also play its part in the bounce
Trade active: 14:30 Hrs 15th Nov2016

Last Price@396.75
At one moment I though Nifty will give a bounce just trapped emotionally- me too, so kindly avoid any long positions in the present situation. Likely we will for some more time & even no long positions as Index is not supporting
Trade active: 15:30 Hrs 15th Nov2016

Closed at 392.50
Trade active: 16:56 Hrs 21st Nov2016

Day's Low@366

Closed at 373

Here we go below 377.

Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India

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