Tatasteel: ₹463 is highly oversold may correct to 352
Tatasteel: ₹463 is highly oversold and about to face a correction now.
First of all let me introduce my count. This is not to challenge any other count, but an erudition, I would like to share, from a different perspective, with some logic. I think we are in a wave 2 after the huge fall from the 1048 top. Hence our correction if wave 2 cannot be a triangle. So I am finding the other probabilities. I am not adamant, and ready to change if any one raise a logical strike :D
This is considered as a double combination complex correction, ends with a FLAT pattern giving a double bottom support at ₹ 200. And we are now in wave 1 of 3. If this turn out to be true, we will see two things soon, first a correction will end somewhere 50% to 62% of the current swing. Secondly there will be a huge move towards a new high as it evolves in wave 3 of 3.
The notes on chart are:
The x wave show above took 13x 2a time ie: 26 months makes it a corrective wave. Entire pattern
So far it looks like, a double combination, Complex correction.
The Double bottom is telling us the trend is changing.
First of all let me introduce my count. This is not to challenge any other count, but an erudition, I would like to share, from a different perspective, with some logic. I think we are in a wave 2 after the huge fall from the 1048 top. Hence our correction if wave 2 cannot be a triangle. So I am finding the other probabilities. I am not adamant, and ready to change if any one raise a logical strike :D
This is considered as a double combination complex correction, ends with a FLAT pattern giving a double bottom support at ₹ 200. And we are now in wave 1 of 3. If this turn out to be true, we will see two things soon, first a correction will end somewhere 50% to 62% of the current swing. Secondly there will be a huge move towards a new high as it evolves in wave 3 of 3.
The notes on chart are:
The x wave show above took 13x 2a time ie: 26 months makes it a corrective wave. Entire pattern
So far it looks like, a double combination, Complex correction.
The Double bottom is telling us the trend is changing.
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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.