Tata Steel (one day chart) Elliott Wave technical analysis
Function: Counter Trend (Minor degree, Grey).
Mode: Corrective.
Structure: Impulse within Larger degree Zigzag.
Position: Minor Wave 3 Grey.
Details: Minor Wave 3 is underway lower against 185 mark and probably the third wave is extending.
Invalidation point: 185.
TATA STEEL Daily Chart Technical Analysis and potential Elliott Wave Counts:
TATA STEEL daily chart indicates a major top in place around 185 mark as Minor Wave 5 Grey of Intermediate Wave (5) Orange seems complete. Bears are now in control and unfolding Minor Wave 3 Grey lower against 170 high, which is Minor Wave 2 termination.
The stock terminated its Intermediate Wave (4) Orange around 80 levels in June 2022. Since then, Minor Waves 1 through 5 have unfolded, pushing prices through 185 mark. Please note Wave 2 was a combination, while Wave 4 was a sharp zigzag, following the guideline of alternation.
At the time of writing, the stock is trading around 150 levels, as it progresses lower within Minor Wave 3 after having changed the trend. Ideally 185 should hold if bears want to stay in control.
Tata Steel (four-hour chart) Elliott Wave technical analysis
Function: Counter Trend (Minor degree, Grey).
Mode: Corrective.
Structure: Impulse within Larger degree Zigzag.
Position: Minor Wave 3 Grey.
Details: Minor Wave 3 is underway lower against 185 mark and probably the third wave is extending. Minute Wave ((i)) could be in place around 135 and Minute Wave ((ii)) could be underway now.
Invalidation point: 185.
TATA STEEL four-hour chart technical analysis and potential Elliott Wave counts:
TATA STEEL 4H chart is highlighting the sub-waves post Minor Wave 3 termination around 175 mark. Minor Wave 4 unfolded as a zigzag towards 150 followed by an impulse to terminate Wave 5 around the 185 mark.
Further, the stock has reversed lower from 185 high and carved Minor Waves 1 and 2 around 140 and 170 levels respectively. It is now underway lower again as Minor Wave 3 unfolds as an extension.
Conclusion:
TATA STEEL has turned lower from 185 and is now progressing within Minor Wave 3 Grey against 185 high.
Elliott Wave analyst: Harsh Japee.
Tata Steel Elliott Wave technical analysis [Video]
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