Tata Steel - End of Wave 3 - Ready for a quick correction?

Tata steel has had a stellar runaway in the past 3 months. Considering the march lows of 240() and recent highs of 640().

I prefer to use 3 hour time frames to understand the broader trend of the stock. It seems that TATA STEEL is preparing for its corrective wave 4 for the time being. Wave 4 at max corrects till 38.2 % fib levels. Considering the September lows of 340 and recent highs of 640, the possible levels comes down to 570 and 520.

Wave 4 usually corrects with the price or with time. 520 seems to be an interesting price to accumulate the same for the long term investments.

Wave 5 is pending :)

Comment:

Tata steel saw a major fall today of 5%!! It made a low of 580, which is also a 23.6% fibbo level. Stock might bounce a bit to further see the selling to 535 odd levels.

535 will play a crucial role in determining the long term trend of the stock.