Sunday, January 6, 2013

Tata Steel, Elliott Wave Analysis

It’s almost a year or more I have been observing that Tata Steel is more sentimental towards gaps theory. This phenomenon may be usual and may be seen in many stocks but we are seeing this "gap theory" again and again in tata steel.  Long ago I was speaking regarding "Magical support" of sensex. But Tata steel have too much of such SAR



The stock has started to correct and have a possible correction till around 417 and move in the bullish channel.



Elliot Wave Analysis
This is my 1st EWT analysis. Currently we are seeing Tata steel correcting. It has just started corrective wave A and may have a support as mentioned above (around 417).