TATA STEEL – TATASTEEL (1D Chart) Elliott Wave Technical Analysis

TATA STEEL Elliott Wave Technical Analysis

Function: Counter Trend (Minor degree, Grey)

Mode: Corrective

Structure: Impulse within Larger degree Zigzag

Position: Minor Wave 2 Grey

Details: TATA Steel’s major top may have been established around the 185 level. The stock has since declined impulsively to 142, marking the end of potential Minor Wave 1 Grey. Wave 2 Grey might have concluded just below the 160 level. If this analysis is correct, Wave 3 Grey is currently in progress. Alternatively, there is a possibility that Wave 2 Grey could extend up to the 170 level.

Invalidation point: 185

TATA Steel Daily Chart Technical Analysis and Potential Elliott Wave Counts

The daily chart of TATA Steel suggests that a major top formed around the 185 mark on June 14, 2024. This is identified as Minor Wave 5 Grey of Intermediate Wave (5) Orange. Afterward, the stock initiated an impulsive decline, marking Minor Wave 1 Grey, which reached 142. Currently, the stock is unfolding potential Wave 2 Grey.

The prior uptrend concluded Intermediate Wave (4) Orange near 83 in June 2022. From there, a rally unfolded, subdivided into Minor Waves 1 through 5, culminating around the 185 level. Minor Wave 2 developed as a combination, while Wave 3 extended.

If the suggested wave structure remains intact, TATA Steel is progressing through a counter-trend zigzag at Minor degree. Minor Wave 1 is likely complete around 142, while Minor Wave 2 could either be finished at 155 or extend further toward the 170 mark.

TATA-STEEL-1D-STOCK-...


TATA STEEL – TATASTEEL (4H Chart) Elliott Wave Technical Analysis

TATA STEEL Elliott Wave Technical Analysis

Function: Counter Trend (Minor degree, Grey)

Mode: Corrective

Structure: Impulse within Larger degree Zigzag

Position: Minor Wave 2 Grey

Details: A major top is likely in place at the 185 mark. Following this, the stock declined impulsively to 142, completing potential Minor Wave 1 Grey. Wave 2 Grey could be complete just below 160, with Wave 3 Grey potentially underway. Alternatively, Wave 2 Grey may push further toward the 170 level within a Minuette (a)-(b)-(c) orange formation.

Invalidation point: 185

TATA Steel 4H Chart Technical Analysis and Potential Elliott Wave Counts

The 4H chart of TATA Steel shows the recent wave count since the 185 high reached in June 2024. An impulsive decline to 142 terminated Minor Wave 1 Grey, and the stock is currently progressing within Minor Wave 2 Grey. If this analysis is accurate, Minor Wave 3 Grey is expected to begin soon.

Technical Analyst: Harsh Japee

Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here 

Previous: SBILIFE Elliott Wave Technical Analysis 

VALUE Offer - Buy 1 Month & Get 3 Months!Click here

Access 7 Analysts Over 200 Markets Covered. Chat Room With Support

TATA-STEEL-4H-STOCK-...

Conclusion:

TATA Steel appears to be progressing within a counter-trend Minor Wave 2 Grey, which could extend toward the 170 level. Once this corrective wave concludes, the stock is likely to resume its downtrend as Minor Wave 3 Grey unfolds.

Related

Elliott Wave Technical Analysis for AbbVie Stock: Forecast, Price Prediction, and Trading Opportunities

Elliott Wave Technical Analysis for AbbVie Stock: Forecast, Price Prediction, and Trading Opportunities

This detailed AbbVie stock analysis applies Elliott Wave theory to assess the stock's current pr...

Read More >
FTSE 100 Elliott Wave Analysis: Bullish Trend, Trading Signals, Price Prediction & Market Forecast for UK Stock Investors

FTSE 100 Elliott Wave Analysis: Bullish Trend, Trading Signals, Price Prediction & Market Forecast for UK Stock Investors

The FTSE 100 Elliott Wave analysis highlights a bullish trend with impulsive wave structures, indica...

Read More >
PaloAlto Networks Inc. stock price towards key levels: PANW Elliott Wave Technical Analysis and Potential Upside

PaloAlto Networks Inc. stock price towards key levels: PANW Elliott Wave Technical Analysis and Potential Upside

This detailed analysis of Palo Alto Networks (PANW) stock uses Elliott Wave Theory to explore the cu...

Read More >
Commodity Market Elliott Wave Analysis: Insights on Bitcoin, Bonds, Yields, and More

Commodity Market Elliott Wave Analysis: Insights on Bitcoin, Bonds, Yields, and More

Unlocking Market Trends: Discover Elliott Wave Insights on Bitcoin, Bonds, Yields, and More. Stay Ah...

Read More >
ASX Computershare Limited CPU Stock Trends, Price Forecasts, and Elliott Wave Strategies to Capitalize on the Market

ASX Computershare Limited CPU Stock Trends, Price Forecasts, and Elliott Wave Strategies to Capitalize on the Market

Our detailed Elliott Wave analysis of Computershare Limited (CPU.ASX) highlights potential price mov...

Read More >

Buy 1 Month

Get 3 Months!

Special Offer:

Trade Recommendations

Unleash the power of deversified trading with our comprehensive portfolio, covering:

  • Stock Trades
  • Crypto Trades
  • Forex Trades
  • Commodity Trades
Elliott Wave Analysis

Gain a competive edge with expert insights in to:

  • Global Indices
  • US Stocks & ASX Stocks
  • Forex & Crypto
  • Commodities
Top-Notch Trading Tools

Equip yourself with the tools of success:

  • Social Chat
  • Elliott Wave Algorithm
  • Screener
  • TradingLevels
  • Trading Game
7 Elliott Wave Analysts

Stay ahead of the market with daily charts and insightful videos
-Your secret to strategic trading!

JOIN HERE


Welcome to TradingLounge (ASIC A.R.No. 321187), specialists in trades, trading education and technical analysis, covering stocks, indices, commodities, forex and cryptocurrencies.

When you join TradingLounge you have access to everything we offer, including trade tools, educational content and a social platform to chat with like-minded investors.

Read more

@Copyright 2024 by tradinglounge.com

Contact Us

Australian no: 02 4787 6020

International no: +61 (2) 47876020

Pay with:

Find us on