Tata Steel Elliott Wave Analysis

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 Tata Steel daily chart


From the above chart, it is very clear that the tend is in stealth uptrend, also if you see the trend lines which I have dawn keeps becoming steeper, giving an indication that the angle of the trend is becoming steeper and steeper.

As far as prices continue to form higher highs and higher lows and remains above the trend line support, prices will continue to move in North. Also there is a trend line bullish break recently which can help short term traders to make some quick money.

Wave theory suggests that, prices are moving in wave v in which wave (iii) is extended and in which wave 5 is on the brink to start. For short term prices can reach till 1250-1280 levels in form of wave 5.

The summation is Tata steel is positively poised and can move higher from current levels and can test 1250 levels followed by 1280 levels over short term.

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