Tata Motors Elliott Wave Analysis

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 Tata Motors hourly chart


Analysis

From the above chart, it is very clear that the trend of this auto stock is negative and can continue to dip going ahead. With prices moving in a lower highs and lower lows, there is a possibility that the stock can plunge from current levels.

The RSI has exactly reversed from the overbought terrain and it is set to change the direction.

As per Wave Analysis, prices are moving in impulse fashion, where it recently completed wave iv of wave iii and it is now set to start wave v of wave iii which can sink towards 385 levels. This leg will complete wave iii on one larger degree.

The summation is Tata Motors is negatively poised and can test the levels of 385 over short term.


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