TataSteel- My Baby(Looking for 390's above 375)

Tata Steel --is my baby..started my 1st report with this stock...

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 trendline gave support & Tata Steel formed a low@199.70...

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.

Regards,
Abhishek H.Singh,CMT

Comment:

5th Aug2016---Tata Steel Closed Today@381.70....Regards, Abhishek