TradingLounge TATA Motors Stock Analysis – Daily Chart Analysis
TATA Motors Elliott Wave Technical Analysis
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Function: Counter Trend (Minute degree, Navy)
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Mode: Motive
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Structure: Potential Impulse within a larger degree corrective wave
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Position: Minute Wave ((iii)) Navy
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Details: Minute Wave ((iii)) Navy is moving lower within Minor Wave 1 or A against the 1145-50 level.
- Invalidation point: 1145-50
TATA Motors Daily Chart Technical Analysis and Elliott Wave Counts
The wave structure of TATA Motors has shifted since last week's update, as the stock has broken below the 1011 interim support level. There could be an alternative scenario unfolding, with Intermediate Wave (5) Orange likely completed near the 1180 high.
Since reaching lows in December 2022 around the 375-80 range, the stock has rallied in an impulsive fashion. It is possible that Intermediate Wave (5) has finished, and the stock will remain under pressure as long as it stays below the 1180 level. The Elliott Channel resistance remains slightly below 1180.
If the current wave structure holds, TATA Motors is expected to stay under the 1180 level and move lower toward the 850-55 range. This would signify the completion of Minor Wave 4, potentially signaling a deeper correction ahead.
TradingLounge TATA Motors Stock 4-Hour Chart Analysis
TATA Motors Elliott Wave Technical Analysis
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Function: Counter Trend (Minute degree, Navy)
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Mode: Motive
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Structure: Potential Impulse within a larger degree corrective wave
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Position: Minute Wave ((iii)) Navy
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Details: Minute Wave ((iii)) Navy is moving lower within Minor Wave 1 or A, targeting the 855 zone.
- Invalidation point: 1145-50
TATA Motors 4H Chart Technical Analysis and Elliott Wave Counts
The TATA Motors 4H chart has been updated to reflect that Wave (5) may have completed around the 1180 high, registered on July 30, 2024. Furthermore, Minor Wave 5 Grey seems to have subdivided into five smaller waves, terminating close to 1180.
Minute Waves ((i)) and ((ii)) likely completed around the 1011 and 1045-50 levels, respectively. If this analysis holds true, the stock price is expected to decline toward the 850 level as Minute Wave ((iii)) Navy progresses, staying below the 1145-50 range.
Technical Analyst: Harsh Japee
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Conclusion:
TATA Motors may continue to move lower within Minute Wave ((iii)) Navy of Minor Wave 1 Grey, staying below the 1145-50 level.