Tata Power - Elliott Wave Count
Tata Power seems to have completed its correction and is now on an upward impulse wave with a target of 280 and beyond. However, if the market breaks below 230, this view will be invalidated.
Please note that this information is solely for educational purposes, and it is essential to exercise caution when trading.
NSE:TATAPOWER...
As seen on the chart, NSE:TATAPOWER has formed a nice U-shaped Cup,
The stock was in an uptrend before forming Cup (up 27% recent bottom)
Took 51weeks to form the complete pattern.
47 weeks for Cup with a correction of ~25%
4 weeks for Handle with a correction of ~6%
Volume dried up during the first part of the cup.
But was good when coming out of the cup and...
Should we witness a breach of the flagpole at the 260 level?
The next target to aim for would be the Fibonacci level at 265.
In case the Fibonacci level remains unbroken, the lower support at 261 becomes significant.
In such a scenario, the formation of a Head and Shoulders pattern could be imminent.
NSE:TATAPOWER
One Can Enter Now ! Or Wait for Retest of the Trendline (BO) Or wait For better R:R ratio
There can be a pause or reversal, at all time high.
Note :
1.One Can Go long with a Strict SL below the Trendline or Swing Low of Daily Candle.
2. Close, should be good and Clean.
3. R:R ratio should be 1 :2 minimum
4. Plan as per your RISK...
The price shows correction of almost 10 % since its new all time high. market could possibly reverse from the marked area till its target.
Confluences to support idea.
* Daily time frame looks bullish as its taking support on 50 Ema.
* Psychological level 250.
*FIb retracement 0.618
*Long term Trendline would act as strong dynamic support.
Although Higher time...
Tata power is luking gud for long with small stoploss.
RRR is gud 1:3
Stoploss is around 246 on DCLBS target is 276
Formation of todays candle is reversal candle but wait for closing the candle.
Stocks take a support arond 254
For all trade on my Auto Harmonic patterns indicator trade setup -
Risky trades can take trade after crossing 23.6% on either side and safe traders can take trade after 41% We can start buying when our Trailing SL hit at 23.6% with SL of recent low our Target will be 41%, 78.6% , 127.2% 161.8% and 223.6 % , when reversal pattern appears on chart we have to trail...
Tata Power Company Ltd is primarily involved in the business of the generation, transmission and distribution of electricity. It aims to produce electricity completely through renewable sources. It also manufactures solar roofs and plans to build 1 lakh ev charging stations by 2025.
ITS PROFIT HAS INCREASED FROM 1316 TO 4067 CR. IN LAS 2 YEARS MEANS ITS BEEN...
I see a breakout from consolidation in Inverse head and shoulder pattern . I have a target of Rs 280, 345 of 5th wave All targets marked in chart of fibo retracement.
Please Refer the Chart of Entry, Target and SL.
Please do follow Position Sizing and Risk Reward Ratio while planning any trades.
Note: This information is for education purpose only and please do your own research and consult your financial advisor prior to taking any action.
TO CONNECT WITH ME CHECK OUT MY BIO.
If you like this Idea, Please do like my ideas...
NSE:TATAPOWER has liquidity on both sides plotting a trade opportunity if either side of the liquidity taken what move we can expect.
do you have a different view ?
