On the monthly chart, Tata Steel is in a well-defined uptrend, consistently forming higher highs and higher lows while holding above long-term support. The major low around 18 – 25 established a solid base, from which the stock progressed in a healthy upward structure. Overall, the long-term trend remains bullish.
Currently, the price is approaching strong resistance around ₹195–205. Buying at this level carries higher risk. More favorable entry points are either on a pullback to 155 – 165 or on a clean monthly close above 205. If the 205 level is convincingly broken and sustained, the next potential upside zone lies between 230 and 260.
While the trend is bullish, timing is critical. After the completion of wave (Y), a correction may occur. A breakdown below 122.62 would confirm bearish strength and mark the start of the corrective phase.
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I think tata moters will take a lil retracement and go for ath. Please correct me if i am wrong?
How much correction do you expect after completion of your wave? 50% or 30%?