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 email@example.com & 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 structure- which likely happens when retails go extremely 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.
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.
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
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
TS is not holding downside
Nifty started for a bounce from 8140-8150 zones so TS could also play its part in the bounce
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
Closed at 392.50
Closed at 373
Here we go below 377.
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ