Tata Motors Elliott Wave Analysis

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 Tata Motors daily chart

Tata Motors hourly chart


From the above daily chart, the auto stock is moving in a higher highs and higher low formation, this is the strongest formation for any asset class to move in a positive direction. Recently it has given a bullish break in a small falling channel which opens further positive possibilities. To embellish, from the support of the steepest trend line it has bounced thus embarking the major trend. ADX is at 18 indicating that the previous short term downtrend is on the brink to complete.

As shown in the hourly chart, prices are at support and as far as it is above the steepest trend line, the stock can cross its previous high as far as there is no discontinuation of the positive formation. However, RSI is in overbought terrain and can relieve from it over couple of trading sessions.

As per Wave theory, prices are moving in a double correction (a-b-c-x-a-b-c) as of now, where it has completed first correction followed by wave x and now it has started second one. Two possibilities I will open here, I think wave a of second correction is in impulse fashion where wave i and wave ii is over and wave iii has started. The second one is wave a and wav b of second correction is over and wave c will cross its previous high.

The summation is Tata Motors is expected to cross 360 levels over short to medium term as far as 311 is protected on the lower side.

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