Tata Motors Elliott Wave Analysis

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 Tata Motors hourly chart

From hourly chart, the auto stock continues to move in a higher high and higher low formation and it is precisely moving in a rising formation. As far as prices persist in the rising channel the bias will continue to be positive. MACD is also in a positive terrain.

As per wave analysis, the stock is moving in a double correction as of now(a-b-c-x-a-b-c). Recently it completed wave x in a triangle pattern and it is all set to complete wave a of second correction after that wave b will start in the opposite direction.

In short, prices are expected to move in a positive direction near till 155-158 levels with support at 144 (closing basis).

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