L-S (Long First Above 375--Short Later in the zone 395--400)
Tata Steel- when I picked this stock in Dec 2014..it was trading@435..As per my 1st report -I visualised that Tatasteel( TS ) was forming a triangle since 2008 Fall- An elliotticians charm...4th Waves Triangle are wonders..I took short in the e-leg of triangle (weekly chart)..& took my profit in the zone 200--225...where a-c gave support & Tata Steel formed a firstname.lastname@example.org......
Daily Chart--- Since 199.70 bottoms--It has completed 4-waves & running into 5th wave...
Currently,Going beyond or Printing above 375 on your screen -will indicate that Tata Steel to run in the zone 395--400 as probable target zone where 5th waves will be 61.8% of 1-3 Wave Distance & The final gasp before it falls to the zone 290--300--where it will search for support in coming days..
If 375 & above is not printed in a day or two...going below 370 will indicate that TS wants some more time for correction.
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ