5WAVES - market analysis and forecast using elliott wave

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

After writing the review yesterday, Wave C actually Started subdividing, it formed the Wave 1 of C with the upmove and now its opened gap down. It has clearly broken the first support level of 50% and reached 62%. Here the support is at 343-338 area (ideally prices should not god below this area), which is holding, yet we should ideally see the 5th wave on the downside (sometimes the C waves are only 3 waves), still since the 62% retracement is over and time wise we have reached 50% of the full Impulsive move.

If prices don't retrace further then we will have 2 scenarios, both of them suggesting upmove:

As already said in the wave 2 the corrections are shorter in duration than wave 4 and structures are sharper than 4. This is general observation. Which means we should start seeing an upmove in the form of wave 3  once the correction ends.

Second, scene is that this completed abc (though 5th wave still may be remaining), is just the wave a of the entire correction, if thats the case we may still go up as a wave B.

So, both cases suggesting the case of upmove. (we may be able to gauge the if its B wave or 3 wave with the strength of the move). I, must tell you that even though both cases may be suggesting the upmove, I don't take my entry just based on this, I have a proper system from entering till exiting, which is very lengthy to explain here.

To learn Elliott waves, Fibonacci and Gann in detail please contact and message me in Inbox. My Email address is Ruchirgupta2000@gmail.com. Please like and follow my page and also share my post , made it for teaching Elliott wave and Gann.https://www.facebook.com/pages/Learn-Elliott-Waves-Gann/299034886964403 You can get many updates such as this on my page.