Timeframe: Daily
After hitting a low of 182.35, NSE TATAPOWER has formed an impulsive structure. The ATR stands at 11.86, while the ADX is at 23.15. The impulsive move occurred at 464, followed by a corrective phase.
Currently, the price has completed wave (B) at 494.85 and wave 4 of wave (C) at 375, now progressing into wave 5 of wave (C). This correction follows an expanded flat structure, where wave A equals wave C at 344.50.
There are two key demand zones:
- Yellow Zone 1 – Wave (4)
- Yellow Zone 2 – Wave 4 of wave (3)
Wave 1 formed an ending diagonal, reducing the probability of wave 5 also being a diagonal. We can expect the price to reverse from the given demand zones. However, if the price breaks out and sustains above 380, traders can aim for the following targets: 402 – 445 – 480+.
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Fantastic wave count! It’s clear and precise.
Brilliant insights! Keep up the great work.
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