Tata Motors Elliott Wave technical analysis [Video]

Peter Mathers TradingLounge

Tata Motors – Daily chart analysis

Elliott Wave Technical Analysis.

Function: Counter Trend (Minute degree, Navy).
Mode: Motive.
Structure: Potential Impulse within a larger degree corrective wave.
Position: Minute Wave ((iii)) Navy.
Details: Minute Wave ((iii)) Navy progressing lower within Minor Wave 1 or A against 1145-50.
Invalidation point: 1145-50.
Elliott Wave analyst: Harsh Japee.

TATA Motors Daily Chart Technical Analysis and Potential Elliott Wave Counts:

The wave structure of TATA Motors seems to be changing since the last week's update, with the stock breaking below the 1011 interim support. An alternative scenario might be unfolding with Intermediate Wave (5) Orange now likely complete around the 1180 high.

Since the lows registered in December 2022, around the 375-80 range, the stock has rallied, subdividing into an impulse. Intermediate Wave (5) might have ended, and the stock remains under control as long as it stays below 1180. The Elliott Channel resistance has remained slightly below the 1180 level.

If the current wave structure holds, TATA Motors is expected to stay under 1180 and move lower towards the 850-55 zone. This movement would signify the end of Minor Wave 4, indicating a potential deeper correction ahead.

Tata Motors – Four-hour chart analysis

Elliott Wave/Technical Analysis.

Function: Counter Trend (Minute degree, Navy).
Mode: Motive.
Structure: Potential Impulse within a larger degree corrective wave.
Position: Minute Wave ((iii)) Navy.
Details: Minute Wave ((iii)) Navy progressing lower within Minor Wave 1 or A against 1145-50.
Target: 855 in the medium term.
Invalidation point: 1145-50.

TATA Motors 4H Chart Technical Analysis and Potential Elliott Wave Counts:

The TATA Motors 4H chart has been adjusted accordingly, indicating that Wave (5) may have terminated around the 1180 high, which was registered on July 30, 2024. Additionally, Minor Wave 5 Grey could have subdivided into five waves, leading to its termination near 1180.

Minute Waves ((i)) and ((ii)) have likely completed around the 1011 and 1045-50 range, respectively. If this analysis holds, the price should drop towards the 850 level as Minute Wave ((iii)) Navy progresses, while staying below the 1145-50 range.

Conclusion

TATA Motors could be moving lower within Minute Wave ((iii)) Navy of Minor Wave 1 Grey, against the 1145-50 level.

Elliott Wave analyst: Harsh Japee.

TATA MOTORS – Daily chart analysis [Video]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

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