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Hope all of you understand my situation as I get requests for 500+ charts daily which is not possible for me to do even on a weekly basis but I try my best & Thanks for all your support.
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.
passing through 737 & 580 -if extended passes through or can become resistance at current high@470.
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.
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.
Seen your analysis on Tata Steel Monthly Chart. Indeed stock is in down trend. But see the fall of price @ " C " You have marked the "C" near by 2019.
It takes Tata Steel 18 month from 200 to 470. Reverse direction may take 20-24 months to see the price of 200-199 again.
If BJP lose this elections in UP/Punjab & Goa. It might see earlier.
2nd thing Japan raised anti dumping duty issue on Metals against India in WTO. If India lose fight in WTO, duty will be caped. And steel import get cheaper.
Like your analysis. Thanks & keep it up. :)
Thanks for putting up the analysis.
I'm not sure how to put chart here in response
On above monthly Can you draw a trend line connecting April 2010 high and March 2011 High , and than on weekly chart draw the ascending triangle trendline for recent move
when you merge above 2 trendlines you will see there is still some room for upside around 476-477 zone target where Bulls need to get alerted.
Anyways Thanks for sending early alert.
Small correction :
Its April 2010 high and January 2011 high (and not the march 2011 as mentioned above)
My 2 cents - (unsolicited) , If you are working against the trend , you will be taking scalpers profit and losing out on trend rise (In this case see the rise from from 211 - 455).
Did you go short this on Friday EOD ? if yes Be alert.
I had no position yet in Tata steel .As there is one event is pending in the market the pre budget rally I will take any short position only after that.