AbhishekHSinghCMT

Tata Steel- Bang On above 384.50--Beautiful Bookish ElliottWave

Long
NSE:TATASTEEL   TATA STEEL LTD
5
Current Price-389...

Bang On. above 384.50 -Target 388-389 done as per previous update-"TataSteel- Top is still missing". from 24th June2016 low@296.30 - TataSteel has opened up in a beautiful bookish elliottwave. 3rd wave was 161.8% of 1st wave distance. 2nd wave retraced 61.8% of 1st wave. 4th wave retraced 23.6% of 3rd wave. 5th is currently running & I shall be looking for the zone 401-403 as the target zone where 5th wave will be equal in distance to 1st wave.

From previous updates- It was suggested that TataSteel going above 384.50 can be looked for target zone 388--389- Bang On.

Trading Strategy-

Currently TS shall run into corrective pattern- our Invalidation level shall be 378. TS shall be looking for retracement in the zone 382-383 where it will complete 38.2% of the current rise before pushing one more time for the target zone 401-403.

Regards,
Abhishek H.Singh, CMT
Trade active: 15:25 Hrs-IST-17th Aug2016- Current Price is 391. Let us look for the zone 388-389 with key support level as 385.90- if long position to be taken in tomorrow's session. Regards, Abhishek
Trade active: 10:40 Hrs-IST-18th Aug2016- Good Morning, Unless TS goes above 390- we should avoid taking longs in current situation. Yesterday's key level of 395.90 was a good suuport. TS made session low@386.60 -& took U-turn. Currently Trading at 388.15. Regards, Abhishek
Comment: sorry- typo error- yesterday's key level was 385.90. Regards
Trade active: 11:00 Hrs-IST-18th Aug2016-- Current Price -391. We are back in the longs .TS--Go baby Go.

Regards,
Abhishek
Trade active: 12:00 Hrs-IST-18th Aug2016- Current Price-387.75--TS is falling from session high of 391-392. Our key level 385.90 is crucial & should not be breached. Incase 386 gets breached that indicates that short term is in place. Regards, Abhishek
Trade active: 12:45 Hrs-IST-18thAug2016- Key Level-385.90 to be intact incase TS wants to jump for a new high else my latest update- "TataSteel- H&S pattern gets activated" on breach of -

Regards,
Abhishek
Trade active: 13:50 Hrs-IST-18th Aug2016- Current Price-387.50-Can you smell about bulls.. TS is playing games with our key level-386. Regards, Abhishek
Trade active: 14:25 Hrs-IST-18th Aug2016- Current Price- 386.35-TS dips below 386-Key level- It seems that we have another top@393.90 in place. Now following day's price action will open the puzzle. Regards, Abhishek

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

YouTube Channel https://www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw

Twitter Handle
https://twitter.com/TalksWave

Telegram Handle
(Deleted)
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.