TATA STEEL – TATASTEEL (1D Chart) Elliott Wave Technical AnalysisFunction: Counter Trend (Minor degree, Grey) Mode: Corrective Structure: Impulse within Larger degree Zigzag Position: Minor Wave 2 Grey Details: Major top might be in place at 185 mark. Further the stock has dropped as an impulse to 142, terminating potential Minor Wave 1 Grey. Wave 2 Grey also could be complete just below 160 mark; if correct Wave 3 Grey is now underway. Alternatively, Wave 2 Grey might still push through 170 levels.Invalidation point: 185TATA Steel Daily Chart Technical Analysis and potential Elliott Wave Counts:TATA Steel daily chart suggests a major top is in place around 185 mark on June 14, 2024. It is marked as Minor Wave 5 Grey of Intermediate Wave (5) Orange. Furthermore, the stock has carved an impulse Wave 1 Grey lower towards 142 and is unfolding potential Wave 2 Grey at the time of writing.The stock terminated its Intermediate Wave (4) Orange around 83 mark in June 2022. Since then, the rally can be sub divided in Minor Waves 1 through 5, which completed around 185 highs. Minor Wave 2 unfolded as a combination while Wave 3 was extended.If the above proposed wave structure holds well, TATA Steel is progressing within a counter trend zigzag at Minor degree at least. Also note that Minor Wave 1 is in place around 142 while Minor Wave 2 is either complete at 155 or could extend through 170 mark.(Click on image to enlarge)
TATA STEEL – TATASTEEL (4H Chart) Elliott Wave Technical AnalysisFunction: Counter Trend (Minor degree, Grey) Mode: Corrective Structure: Impulse within Larger degree Zigzag Position: Minor Wave 2 Grey Details: Major top might be in place at 185 mark. Further the stock has dropped as an impulse to 142, terminating potential Minor Wave 1 Grey. Wave 2 Grey also could be complete just below 160 mark; if correct Wave 3 Grey is now underway. Alternatively, Wave 2 Grey might still push through 170 levels within a Minuette (a)-(b)-(c) orange.Invalidation point: 185TATA Steel 4H Chart Technical Analysis and potential Elliott Wave Counts:TATA Steel 4H chart reveals the recent wave count since 185 high registered in June 2024. The stock has unfolded an impulse through 142, terminating Minor Wave 1 Grey and is now progressing within Minor Wave 2 Grey. If correct, Minor Wave 3 Grey should be underway soon.(Click on image to enlarge)
Conclusion:TATA Steel is progressing within a counter trend Minor Wave 2 Grey, which could extend through 170 levels. The stock should then turn lower as Minor Wave 3 Grey resumes.Technical Analyst : Harsh JapeeMore By This Author:
Tata Steel – Elliott Wave Technical Analysis
