Tatamotors
Tata Motors - Go Short Now Elliot Correction Waves StartingA beautiful elliot wave is formed on 30 mins timeframe. Clearly shows that the Wave 5 was the breakout and now Tat Motor will enter wave A and correction can be seen till 298-296 levels . Intraday Traders and Swing Traders can go short now.
This is my personal view , not a suggestion.
MY ANALYSIS ON TATA MOTORSTRIANGLE PATTERN BREAKOUT IN DAILY TIMEFRAME.
TARGET 1 IS 325 AS THIS STOCK TOUCHED 325 FEW WEEKS BACK AND GAVE A CORRECTIVE PRICE TILL 280, SINCE NOW IT HAS BROKEN THE TRIANGLE PATTERN IN DAILY TIME FRAME YOU CAN EASILY SET A TARGET OF 325 IN FEW DAYS, AND 350 IN FEW WEEKS.
TATAMOTORS CHART BULLISH ON DAILY TIMEFRAME TARGET OF 350TATAMOTORS CHART SHOWING BULLISH PATTERN ON DAILY TIME FRAME BREAKOUT ON UPPER SIDE WILL GIVE YOU SHORT TERM TARGETS OF 350 AND LONG TERM TARGETS OF 400. IF GIVES BREAKDOWN NOT INTRESTED TO SHORT.BUYING ON RETRACE IS PREFERED AS YOU CAN HOLD WITH SMALL SL. GOOD BUY IF CLOSES DAILY CANDEL ABOVE 310. PLEASE LET ME KNOW THE ANALYSIS IN COMMENT BOX AND FOLLOW ME FOR MORE SUCH BREAKOUT PATTERNS.
Tata Motors continues to look bearishTata Motors continues to look bearish and should get even more bearish going forward. Tata Motors price action has touched the upper channel and started retreating and appears to have just completed its fifth leg in a triangle. The prices should decline briskly in coming days. I would expect the prices should drop as low to Rs.263 in coming weeks and find a bottom somewhere in that region before resuming course in the next phase of an upward run. Now is a good opportunity to go short.
The current price level is Rs.301....should the price go up and cross 306, the trade becomes invalid and one should exit with minimal loss. The risk-reward set up looks attractive now.
TATA MOTORS INTRADAYTata Motors is trading in a very narrow range and we expect a breakout soon on 15 mins chart.
A short position below 302 for a small target of 298 from where it is expected to rebound.
If we see a bullish breakout then we can buy for a target of 315 followed by 323.
Ultimately the momentum is still bullish and just we need to wait for a right entry level.
All the cases have been market on the chart.