Tata Motors had shown sharp rise from the lows of 125 to the recent high of 175.50 in just over a day.
Tata Motors had a big Gap up opening on the Muhurat trading day. The stock continued to move higher from the upper trendline of the channel.
The stock was covered in the morning daily research report – “The Financial Waves short term update” which showed 3rd wave ongoing and mentioned about the power that it beholds.
Tata Motors 60 Min chart: (Anticipated on 29th October 2019 – before market opened)
Tata Motors 60 Min chart: (Happened as on 29th Oct- 9.45 am)
Anticipated as on 29th October – published in the morning research report
Tata Motors had a big Gap up opening on the Muhurat trading day. This was a big move in just an hour of trading session. Interestingly the high was made exactly at the upper trendline of the channel..
As shown on hourly chart, prices have been moving in the form of a Flat corrective pattern and we are currently moving in the wave c. Currently wave iii of c is ongoing. The high was made at the upper end of the blue channel and now it is important to see further break above the upper end of the channel to extend this rally further.
In short, trend for Tata Motors is positive and break above Muhurat trading high of 151 will continue the positive trend towards 160 or higher levels. On downside 139 which is the gap area is the short term support. BANG ON!
Happened as on 29th October – The stock moved exactly as expected and post breaking above the channel prices made and intraday near 175.50 levels.
We cannot be more accurate than this. The above research shows how well Elliott waves work and how different tools could help in deriving the exact entry points and targets for the same.
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