Tata Steel: Elliott Wave Analysis

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 Tata Steel 60 mins chart


As shown in the above chart, prices are moving in a lower highs and lower lows and it is moving precisely in the falling channel. At current juncture, the stock is hovering near to the resistance of the falling channel and has also formed a rising wedge pattern. 

From Waves perspective, prices have completed wave b and has unfolded wave c lower. In wave b, wave c of wave b is ending diagonal which was broken on 11th April 2022. As of now it is moving back up to test the resistance of the pattern. This concludes than wave c has started and can move down to test 1070 levels where cluster of supports are placed.

The summation is Tata Steel is negatively poised and can plunge near till 1070 levels over short term.

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