AbhishekHSinghCMT

Tata Steel- Alternate View (small change)- Be careful@470

Short
AbhishekHSinghCMT Updated   
NSE:TATASTEEL   TATA STEEL LTD
15
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Analysis
Earlier as shown below in the monthly chart from 1048 highs- I took a-b-c-d-e (ending@199. 70 lows) - expected an impulsive rally, but now having an alternate count -which can turn into main count & So modified to A-B-C count with B-Wave as a triangle having a-b-c-d-e internal waves.

As the current move from the 199.70 lows looks doubtful impulsive structure & has very choppy appearance -likely to be an e-leg within the proposed B - wave which has completed or close to complete at current highs of 470.

Traditional Analysis
Trendline passing through 737 & 580 -if extended passes through or can become resistance at current high@470.

Trading Strategy
Bulls should be careful at current stage. As we never jump in trade immediately unless market tells us to do so. Waiting for further confirmation & one of the best trades it could turn out in near future.

Monthly Chart-
Trade active:
10:21 Hrs 22nd Jan2017

Hello Everyone!

A piece of experience- never become bias to trendlines, shapes because it is you want to see it unfolding that way only confirmation is the biggest tool so don't trade in a hurry- always confirm-confirm & confirm before taking a trade.

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

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