Tata Motors Elliott Wave Analysis

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 Tata Motors daily chart


Tata Motors hourly chart


As per daily chart, prices are moving in a rising black channel and it is currently trading near the resistance of the channel. However, it is least likely for prices to falter as it is trading above the resistance and can move higher from current levels. Daily RSI is near 70 but can move up near till 80 where it has reversed several times.

From hourly chart, the auto stock has recently crossed its previous high and it is all set to move in a higher highs and higher lows as none of the previous lows are breached. RSI has relieved from the overbought zone, making room for it to move back up.

As per Wave theory, prices are moving in wave v of wave c. The impulse waves, which is wave i and wave iii are equal as per Fibonacci retracements, this means that wave v will either be equal or extended. If it is equal then it can go till 220 levels which will be the first target.

The summation is Tata Motors is all set to climb near till 215-220 levels with support placed at 187 (closing basis).


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