Elliott Wave Technical Analysis - Tata Motors Indian Stocks

TATA MOTORS – TATAMOTORS (1D Chart) Elliott Wave Technical Analysis

Function: Counter Trend (Minute degree, Navy) l

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.

TATA MOTORS – TATAMOTORS (4H Chart) 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 4H 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.

Elliott Wave Analyst: Harsh Japee

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