Wednesday, May 20, 2015

Tata Steel Wave 2 correction on downside is on its way

"This is just a personal view and neither a recommendation nor a tip nor an advice for any trade"

View on Tata Steel: The upmove was a 9 wave in which 5th wave subdivided in sub waves. Wave 1 on the upside is complete and we in a wave 2 correction. A and B of the ABC are over while C is going on. Since A and B were subdivided in 3 waves each which suggests the formation of a flat (3-3-5). So, the C wave ideally be subdivided into 5 waves, though I have not seen any subdivision, which could mean C wave completion without any subdivision. First support, I see at 347 which is at 50% internal and 127% external retracement.

While the possibility of correction to reach 62% is still open, the correction in waves are majority steep decline and short term, so the complex correction though possibility is open, probability is low.

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