TATA CONSUMER PRODUCT – TATACONSUM (1D Chart) Elliott Wave Technical Analysis

• Function: Larger Degree Trend Higher (Intermediate degree, orange)
• Mode: Motive
• Structure: Impulse
• Position: Minor Wave 4

Details:
Minor Wave 4 might have unfolded as a combination, terminating around the 1000 mark. If this is accurate, Minor Wave 5 should be underway shortly.

• Invalidation Point: 845

Elliott Wave Analyst:
Harsh Japee

TATA Consumer Product - Daily Chart Technical Analysis and Potential Elliott Wave Counts:

The TATA Consumer Product daily chart suggests a continued rally as Intermediate Wave (5) Orange unfolds. The stock looks set to push through the 1255 mark as Minor Wave 5 Grey begins to develop from levels below 1000.

Intermediate Wave (4) Orange was completed around the 640 levels in March 2022. Since then, Minor Waves 1 through 4 may have reached or are nearing completion. Note that the wave counts have been adjusted from our last update, with Minor Wave 4 now marked as a combination.

Additionally, the Fibonacci 0.50 retracement and channel support confirm the potential termination of Wave 4 around the 1000 mark. If this is correct, Wave 5 Grey should continue its upward movement, aiming to breach the 1255 mark.

TATA CONSUMER PRODUCT – TATACONSUM (4H Chart) Elliott Wave Technical Analysis

• Function: Larger Degree Trend Higher (Intermediate degree, orange)
• Mode: Motive
• Structure: Impulse
• Position: Minor Wave 4

Details:
Minor Wave 4 might have unfolded as a combination, terminating around the 1000 mark. A Minute ((w)) - ((x)) - ((y)) structure has been identified, confirming a 3-3-3 pattern. If accurate, Minor Wave 5 should soon begin.

• Invalidation Point: 845

TATA Consumer Product - 4H Chart Technical Analysis and Potential Elliott Wave Counts:

The 4H chart for TATA Consumer Product highlights the sub-waves between Minor Wave 3 and 4 Grey. This structure is identified as a 3-3-3 pattern, labeled as Minute Waves ((w)) - ((x)) - ((y)), between the 1255 and 990 levels. If this pattern holds, the stock should rally from its current position as Minor Wave 5 begins to unfold.

Conclusion:

TATA Consumer Product may have completed Minor Wave 4 around the 1000 mark as a combination. If this is accurate, Minor Wave 5 Grey should now be unfolding higher.

Elliott Wave Analyst: Harsh Japee

More By This Author:

Elliott Wave Technical Analysis: U.S. Dollar/Japanese Yen - Thursday, Oct. 24
Elliott Wave Technical Analysis: CAC 40 (France) Index - Thursday, Oct. 24
Elliott Wave Technical Analysis: Uniswap Crypto Price News For Thursday, Oct 24