This is in continuation of my previous idea in which wave-a was capitalized. Now is the time to capitalize on wave-c. C = A gives: 453.60 (end of A) - (470-436 i.e. A) = 419..6 So, short at 446.5 (CMP spot) SL 450.6 (2 of B started here) Target: 419.6
This analysis is based on Elliott Wave theory. TATMOTORS has completed a 5-wave impulse structure on weekly. The 5th of the 5th wave is ending diagonal clearly visible on 15-minute chart (pls see below). So: short near 468 stop loss 472 target near 444 per 15-minutes chart / between 425 and 375 per weekly chart Position initiated yesterday at 466 spot/468.3...
As per the previous close, it seems bearish and looks like it will fill up the previous gap up on daily chart as well as hourly. Take 50% profits at the first target zone marked in the range of 444-447. Manage your risk with entry and positioning sizing.
Hourly rejections..but wonder if there is edge in shorts here. 60m TF
Looks like price is likely to be range-bound for a while in the Rs.275-425 zone.