TRENDING:

XAU/USD

Silver

TCS Elliott Wave technical analysis [Video]

Peter Mathers TradingLounge

TATA Consultancy Services– TCS (One day chart) Elliott Wave technical analysis

Function: Larger Trend Higher (Intermediate degree Wave (5), orange)

Mode: Motive.

Structure: Impulse.

Position: Minute Wave ((v)) Navy.

Details: Minute Wave ((v)) Navy, is nearing completion or is complete around 4600. Traders might want to consider taking profits now and remain cautious. Channel resistance tested. A major potential top could be in place.

Invalidation point: 4110.

TCS Daily Chart Technical Analysis and potential Elliott Wave Counts:

TCS daily chart is indicative of a potential top in place around 4600 mark. The stock has turned lower for now and is trading around 4460 at the time of writing. It could be a bit early but potential remains for Minute Wave ((v)) Navy within Minor Wave 5 Grey, to have completed.

TCS has been rallying within Intermediate Wave (5) Orange since September 2022 lows registered around 2920 mark. The above can be clearly subdivided into five waves potentially terminating close to 4600 on September 02, 2024.

Also note the channel resistance being tested around the 4600 zone. If the above structure holds well, the stock could very well come under control of bears as they drag towards 4110 initial support. Alternatively, a clear push above 4600 mark would void the bearish scenario.

TATA Consultancy Services – TCS (Four-hour chart) Elliott Wave/technical analysis

Function: Larger Trend Higher (Intermediate degree Wave (5), orange).

Mode: Motive.

Structure: Impulse.

Position: Minute Wave ((v)) Navy.

Details: Minute Wave ((v)) Navy, is nearing completion or is complete around 4600. The rally between 4110 and 4600 looks sub divides in five waves. Traders might want to consider taking profits now and remain cautious. Channel resistance is tested. A major potential top could be in place.

Invalidation point: 4110.

TCS 4H Chart Technical Analysis and potential Elliott Wave Counts:

TCS 4H chart helps identify the rally between Minor Wave 4 at 4110 and 4600 levels as an impulse. The Minuette wave looks complete around 4600 with prices reversing sharply. If the above holds, prices would drop through 4110 in the near term.

Conclusion:

TCS could be preparing for a larger degree corrective wave against 4600 high. This could be a bit early but traders must remain cautious at these levels and consider profits.

Technical analyst: Harsh Japee.

TATA Consultancy Services – TCS (Four-hour chart) Elliott Wave/technical 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.

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.