Tata Motors Elliott Wave Analysis

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 Tata Motors daily chart

Tata Motors hourly chart

In the above daily chart, prices are moving in a rising channel which indicates that the trend is firmly positive. The stock has bounced from the support of the channel and it is very much likely it will face resistance near its previous high. RSI is going up from over sold territory.

In the hourly chart, the auto stock was moving in a lower highs and lower lows after making a high of 155. However, recently it failed to move below its previous low (below black horizontal line). This indicates that the short term trend which was negative is on the brink to change. RSI has reached overbought and can relieve from current levels.

From Waves perspective, after completing one correction (a-b-c), currently prices have completed wave a in a three wave structure and it is now moving in wave b which is also a three wave structure. Here in wave b wave c can move near to the start of wave a placed at 146 levels. If it is converted into regular flat then wave c of wave b can progress till 149-150 minimum and maximum 155 levels.

The summation is, Tata Motors can advance from current levels till 146 followed by 149-150 with support placed below 131 levels.

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