Hello everyone, first of all, thank you for all the support and comments. It's not possible to reply to everybody's private messages, so in case I am late or couldn't give a reply, please do not mind.
Coming to analysis :-
The chart looks bearish and once it breaks the box/consolidation phase, then we can see further fall towards the median line of 2nd...
jsw steel y views is to trade on levels ( positional bias short on rise , but intraday and as per market trend
one can play swngs .
simple demonstration of how basic support resistance are helpful
through ed arrow (resistance) while blue arrow (support)
hope one will find it useful and take benefits ( dua me yaad rakhna) .
Tatasteel, after the breaking out of the falling price channel on weekly, price is again re-testing the falling price channel.
On Daily chart price is below the 0.382% retracement level of (w3) which is at 459.10. Today's low is so far 450.65.
Wave 2 ended exactly at 0.382% (W1) at 382.
If price holds a falling weekly channel re-test level, which is around...
After making a double bottom it is now attempting to complete the Bullish Harmonic Dragon Pattern which suggests levels of 490 and 575. The view would go wrong if it sustains below 420. Double confirmation is weekly close above 440
It has a weekly as well as daily resistance at 420 from where it has reacted. Unless it manages a close above it there is strong possibility it might retest support at 390-380 to confirm a higher low. Sustaining above 420 (on closing basis) could take it to 475
Trend analysis is a way of prediction however strategies are well proven and tested way of reacting to market. There are some people who predict the market with better accuracy and there are some people who are involved in re-acting the market. It takes practice, risk management and confidence to make a trade in your favor.
4 tails at the value high with one excess and 2 tails found at the value low with one excess. The presently fromed tail is not at excess but its a breakdown channel.
Remarkable points, recently created tail has enough shadow as comparted all others.
Therefore, Possible to fall more OR create a series of tails.