Tata Steel Downward Parallel Channel breakout on Weekly chart
Elliot Wave Analysis of Tata Steel with Fibonacci retracements.
Currently in wave A of parallel channel correction or about to end Wave 3 of Impulse start of wave 4.
Daily chart shows shooting start on 11th Aug and on 13th Aug resisting 430 levels.
Tata Steel Downward Parallel Channel breakout on Weekly chart.
Testing Trend line drawn from wave 1 start and wave 5 start.
Safe Trade 1 - Short on close below 409 on 15 min chart SL 415 target 405 401
Risky Positional trade Short all bounces towards 420-435 SL 443
Target Fib levels for downside
0.236 Fib level = 388
0.382 Fib level = 361 (most likely to come)
0.500 Fib level = 340
Disclaimer: Calculated and plotted values may differ little with actual stock movement. This investment/trade may not be suitable for all investors/traders. Do your own study or ask your financial advisors before investing/trading.
Currently in wave A of parallel channel correction or about to end Wave 3 of Impulse start of wave 4.
Daily chart shows shooting start on 11th Aug and on 13th Aug resisting 430 levels.
Tata Steel Downward Parallel Channel breakout on Weekly chart.
Testing Trend line drawn from wave 1 start and wave 5 start.
Safe Trade 1 - Short on close below 409 on 15 min chart SL 415 target 405 401
Risky Positional trade Short all bounces towards 420-435 SL 443
Target Fib levels for downside
0.236 Fib level = 388
0.382 Fib level = 361 (most likely to come)
0.500 Fib level = 340
Disclaimer: Calculated and plotted values may differ little with actual stock movement. This investment/trade may not be suitable for all investors/traders. Do your own study or ask your financial advisors before investing/trading.
