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

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.

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.

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 -

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

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