TATA STEEL – TATASTEEL (1D Chart) Elliott Wave Technical Analysis
TATASTEEL Elliott Wave Technical Analysis
Function: Counter Trend (Minor Degree, Grey)
Mode: Corrective
Structure: Impulse within Larger Degree Zigzag
Position: Minor Wave 3 (Grey)
Details: Minor Wave 3 is actively moving lower, with resistance around the 185 mark, suggesting the third wave could be extending.
Invalidation Point: 185
TATA STEEL Daily Chart Technical Analysis and Potential Elliott Wave Counts
The daily chart for TATA STEEL reflects a significant top formation near the 185 level. Minor Wave 5 (Grey) of Intermediate Wave (5) (Orange) appears complete, signaling a shift in momentum as bears dominate the market. Minor Wave 3 (Grey) is developing lower, facing resistance at the 170 level, which marks the end of Minor Wave 2.
Previously, Intermediate Wave (4) (Orange) concluded around 80 levels in June 2022. Following this, Minor Waves 1 through 5 unfolded, propelling prices above the 185 mark. Notably, Wave 2 adhered to a combination structure, while Wave 4 followed a sharp zigzag pattern, aligning with the guideline of alternation.
As of now, TATA STEEL is trading near the 150 mark, continuing its descent within Minor Wave 3 after a confirmed trend reversal. The 185 level is critical for bears to maintain their control.
TATA STEEL – TATASTEEL (4H Chart) Elliott Wave Technical Analysis
Function: Counter Trend (Minor Degree, Grey)
Mode: Corrective
Structure: Impulse within Larger Degree Zigzag
Position: Minor Wave 3 (Grey)
Details: Minor Wave 3 is progressing lower against the 185 resistance level, with the third wave appearing to extend. Minute Wave ((i)) might be complete around 135, while Minute Wave ((ii)) could currently be in progress.
Invalidation Point: 185
TATA STEEL 4H Chart Technical Analysis and Potential Elliott Wave Counts
The 4H chart showcases sub-waves following Minor Wave 3 termination near the 175 mark. Minor Wave 4 completed as a zigzag at 150, followed by an impulsive move terminating Wave 5 near the 185 mark.
The stock has since reversed from the 185 high, forming Minor Waves 1 and 2 around the 140 and 170 levels, respectively. The current progression reflects the continuation of Minor Wave 3, which appears to be extending lower.
Technical Analyst: Harsh Japee
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Conclusion
TATA STEEL has reversed downward from the 185 level and is currently advancing within Minor Wave 3 (Grey), with resistance holding firm at the 185 mark. The stock remains bearish as the Elliott Wave structure unfolds.