Tata Motor made the Elliott wave on the 4h time frame. The Elliott wave pattern started on the 24th of September 2020. And made the 4 waves, and the fifth wave is remaining. It has to cross 190 - 200 to complete the 5th wave.
Nifty has touched the dynamic resistance (DR) level and started declining. At present, RSI is under 50 level. It's a sign of a downtrend.
Moreover, according to Elliott Wave theory, Nifty will stop climbing soon. And ABC correction will initiate from here.
Targets: 12460 - 12000 and below
Note: Selling pressure will come after a breakout of the support...
From recent trading sessions, Mahindra & Mahindra (M&M) has started falling. It can drop up to the support line or 712 - 700 levels before further advance.
Overall, M&M is strongly bullish. It will start marching for the targets of 760 - 800 soon.
This trend of TATAMOTORS made the Elliott wave pattern . After the fifth wave, there is a symmetrical triangle. If there is a breakdown of a lower line of the symmetrical triangle, the target will be 120.60 . But if the consecutive candles cross the upper line of the same triangle, the target will be 153.60 .
In the Elliott wave pattern, 2nd wave is 100%...