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TATA STEEL: Correction

Long
TATA STEEL LTD (NSE:TATASTEEL)  
TradingSutra  
NSE:TATASTEEL   TATA STEEL LTD
Trend Analysis Wave Analysis tatasteel tatasteel_long tatasteelanalysis Technical Analysis technicalanalysisexplained impuslewave correctivestructure elliottwaveretracement
25
15
trendanalysis waveanalysis tatasteel tatasteel_long tatasteelanalysis technicalanalysis technicalanalysisexplained impuslewave correctivestructure elliottwaveretracement
After a five wave rally stock is correcting in a three wave fashion. The five wave rally can be considered as a wave-1 of higher degree and the subsequent fall should be taken as wave-2. Hence,stock is likely to correct towards 100/97 area which is also a 50%-61.8% fibonacci retracement zone, which suits better retracement for wave-2.


Trading strategy: Sell 103 , SL: 106 tgt: 100/97
Manish Bhardwaj (CMT L-1)
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