Below was published in "The Financial Waves" report by Waves Strategy Advisors. To subscribe write to helpdesk@wavesstrategy.com or visit www.wavesstrategy.com
Bottom line :Tata motors following Elliott Wave counts very precisely.
Tata Motors Daily chart:
Tata Motors 120 mins chart:
Anticipated on 4th September 2012:
Happened:
Few wave counts are purposely not shown as they are meant only for our paid clients.
Waves Analysis:
We have mentioned in the previous report of 4th September 2012, “prices are moving lower in the form of minute wave (c) of b of B. As long as prices hold the resistance of 235 prices could move down till the next support zone which comes near 225/223 levels. Once this down leg is complete expect a bounce back towards 250 levels”. BANG ON!!!
We have been precise in capturing the Tata Motors steep move from 225-250 levels. Prices exactly bounced back from 225 levels, achieved the mentioned level of 250, thereafter it had a spectacular rally till 290.
As shown above in daily chart of Tata motors, prices have exactly retraced 61.8% of the prior wave A. After violent move on upside we have observe some profit booking in this stock.
From medium term perspective, trend is firmly bullish in Tata Motors. Before it continues the uptrend we need to wait for prices to complete the one minor leg on downside and then it will continue the uptrend.
From wave perspective it is now tricky to mark the current up move as complete wave c. Wave c should usually be more time consuming and show loss of momentum. But it is lacking that characteristics and so we will wait for prices to break 250 levels for marking the top as wave c. If prices move back above 285 levels it will indicate some other wave structure is developing.
In short, as long as .........
To know the further movement on Tata motors write to us at helpdesk@wavesstrategy.com or call us @ 9920422202
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