Tata Motors:End of an Impulse
Aggiornato
After giving fake breakout we have seen price has reversed sharply there by breaking prior swing low in lesser time then prior swing high took to form giving us a double confirmation of trendline breach along with faster retracement.Meaning a significant top has been formed in the stock for atleast next 6 months and It seems like tata motors has ended it's 5 wave impulsive move on the upside on primary degree, when it closed below 485 on 26-11-2021,meaning current correction can take prices to primary wave 4 low's coming at 288-290 levels.Any one entering stock around wave 4 bottom and carrying In the money Long position should protect there profit by keeping a stop-loss as per there risk apetite.Ideally one should exit longs at current levels itself but still for someone with higher risk apetite 435 can be a good level that can act as support and should be kept as stop-loss.
Now going ahead on hourly chart it seems like it is making diametric corrective pattern which can take prices between 406-380 levels.Following this we will have upmove in the form of wave X,once wave X is done we can expect another correction unfolding taking prices to sub 300 levels,but as of now 406-380 is price target for the on going correction.As of now it seems like we are done with wave A,B,C and D and currently wave E is going on.One can initiate short trade @ cmp of 458 with a stop of wave D high @ 478 for a target of 418 on the downside.
Stop-loss should be trailed everyday to previous day's high on closing basis once trade is in the money from cmp.
Disclaimer:This analysis should not be used for creating or exiting new or old position respectively,i am publishing this just for my future reference.
Now going ahead on hourly chart it seems like it is making diametric corrective pattern which can take prices between 406-380 levels.Following this we will have upmove in the form of wave X,once wave X is done we can expect another correction unfolding taking prices to sub 300 levels,but as of now 406-380 is price target for the on going correction.As of now it seems like we are done with wave A,B,C and D and currently wave E is going on.One can initiate short trade @ cmp of 458 with a stop of wave D high @ 478 for a target of 418 on the downside.
Stop-loss should be trailed everyday to previous day's high on closing basis once trade is in the money from cmp.
Disclaimer:This analysis should not be used for creating or exiting new or old position respectively,i am publishing this just for my future reference.
Nota
Wave D shown above is sub-dividing and taking more time then expected.I still feel that we are still one leg away from bottom meaning current rise will not sustain and we will at least see a drop in the form of wave E if the current fall takes the form of triangle.One should avoid buying this stock at current levels.will update idea further later.
Nota
I have just re-labelled correction,but the view shared above is maintained,prices are behaving as discussed above.Targets are still valid.
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