Cycle Degree:Blue
Primary impulse:red
Primary Corrective:Yellow
Monthly chart of Tata Steel is suggesting price raising in zigzag corrective pattern on cycle degree of which we are in wave C shown here in blue.As zigzag being a 5-3-5 pattern wave C is unfolding in an impulsive manner on primary degree shown here in red.This impulse has completed wave 4 recently and wave 5 is underway currently.
Ideally wave 3 is found to be extended in an impulse but this being a commodity stock,wave 5 is often found extended.Equality target on cycle degree is coming at 480 level and wave 5 extention target on primary degree is coming at 360,which is still double from current levels.
One can go long at cmp of 162.25 as price has recently broken its previous all time high of 153 as is sustaining above that breakout level from last 3 weeks post a pull back.On the downside a stop-loss of wave 4 low should be kept which is coming at 115 odd levels.
Disclaimer:This are just my views on the stock,no position should solely be taken on its basis,posting this just for my future reference.
Primary impulse:red
Primary Corrective:Yellow
Monthly chart of Tata Steel is suggesting price raising in zigzag corrective pattern on cycle degree of which we are in wave C shown here in blue.As zigzag being a 5-3-5 pattern wave C is unfolding in an impulsive manner on primary degree shown here in red.This impulse has completed wave 4 recently and wave 5 is underway currently.
Ideally wave 3 is found to be extended in an impulse but this being a commodity stock,wave 5 is often found extended.Equality target on cycle degree is coming at 480 level and wave 5 extention target on primary degree is coming at 360,which is still double from current levels.
One can go long at cmp of 162.25 as price has recently broken its previous all time high of 153 as is sustaining above that breakout level from last 3 weeks post a pull back.On the downside a stop-loss of wave 4 low should be kept which is coming at 115 odd levels.
Disclaimer:This are just my views on the stock,no position should solely be taken on its basis,posting this just for my future reference.
Same chart with less tools for better visibilty