TATAMOTORS Elliott Wave technical analysis
Function: Counter Trend (Minute degree, Navy).
Mode: Corrective.
Structure: Potential Impulse within larger degree corrective wave.
Position: Minute Wave ((v)) Navy.
Details: Minute Wave ((v)) Navy might be complete around 770 mark as bulls prepare for a counter trend rally soon.
Invalidation point: 1145-50.
Tata Motors daily chart technical analysis and potential Elliott Wave counts
TATA MOTORS daily chart is indicating a potential trend reversal from 1145-50 high carved in July 2024. The first impulse drop could be complete around 770 or near to completion with one more low. Alternatively, Minor Wave 4 is complete around 770 and the stock is ready to turn higher from here.
TATA MOTORS had earlier dropped through 380 lows in December 2022, marked as Intermediate Wave (5) Orange. The subsequent rally thereafter can be sub divided into five waves labelled as Minor Wave 1 through 5 respectively.
If the above holds, prices would stay below 1145-50 range and continue to carve lower lows and lower highs as bears remain in control going forward.
TATAMOTORS Elliott Wave technical analysis
Function: Counter Trend (Minute degree, Navy).
Mode: Corrective.
Structure: Potential Impulse within larger degree corrective wave.
Position: Minute Wave ((v)) Navy.
Details: Minute Wave ((v)) Navy might be complete around 770 mark as bulls prepare for a counter trend rally soon. Alternatively, the stock could print another low below 770 to complete the impulse before turning higher again.
Invalidation point: 1145-50.
Tata Motors four-hour chart technical analysis and potential Elliott Wave counts
TATA MOTORS 4H chart is highlighting the sub-waves after Minor Wave 3 Grey terminated around 1070 in March 2024. Please note that Wave 4 was a combination followed by a potential impulse Wave 5 through 1145-50 range.
Furthermore, the price action is revealing an impulse drop from 1145-50 high, indicating a potential trend reversal. Alternatively, the entire structure from Minor Wave 3 high could be an expanded flat, which is now complete around 770 or near to completion.
If the latter is true, the stock might turn higher soon and push through 1145-50 zone.
Conclusion
TATA MOTORS has carved a potential impulse from 1145-50 high to 770 levels. Expect a turn to unfold from current levels soon.
Tata Motors Elliott Wave technical analysis [Video]
As with any investment opportunity there is a risk of making losses on investments that Trading Lounge expresses opinions on.
Historical results are no guarantee of future returns. Some investments are inherently riskier than others. At worst, you could lose your entire investment. TradingLounge™ uses a range of technical analysis tools, software and basic fundamental analysis as well as economic forecasts aimed at minimizing the potential for loss.
The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership has been prepared without considering your objectives, financial situation or needs. Reliance on such advice, information or data is at your own risk. The decision to trade and the method of trading is for you alone to decide. This information is of a general nature only, so you should, before acting upon any of the information or advice provided by us, consider the appropriateness of the advice considering your own objectives, financial situation or needs. Therefore, you should consult your financial advisor or accountant to determine whether trading in securities and derivatives products is appropriate for you considering your financial circumstances.
Recommended content
Editors’ Picks
AUD/USD clings to recovery gains above 0.6150 after Chinese trade data
AUD/USD is finding its feet in the Asian session on Monday, holding recovery above 0.6150 from over four-year troughs. China's pro-growth measures and strong Chinese December trade data underpin the Aussie amid a broadly risk-averse market environment and persistent US Dollar strength.
USD/JPY remains pressured near 157.00 amid risk aversion
USD/JPY stays pressured near 157.50 early Monday, having reversed from near 158.00 region in the last hours. Risk-off sentiment on hawkish Fed expectations and US economic resilience weigh on markets, reviving the safe-haven appeal of the Japanese Yen amid looming BoJ rate hike risks.
Gold: Buyers face exhaustion below $2,700
Gold price trades with mild losses near $2,690 on the stronger US Dollar in the Asian session on Monday. However, the safe-haven demand due to uncertainty surrounding the President-elect Donald Trump administration's policies might help limit the Gold’s losses.
Week ahead: US CPI and China GDP in focus, UK data eyed too as Pound skids
US inflation report to take centre stage as Dollar remains well bid. China’s economic policies to come under scrutiny as Q4 GDP on tap. UK CPI and GDP figures to be watched as Pound’s pain worsens.
Think ahead: Mixed inflation data
Core CPI data from the US next week could ease concerns about prolonged elevated inflation while in Central and Eastern Europe, inflation readings look set to remain high.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.