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Mentorship

Tata Motors

2 Feb 202110:36 AM

Tata Motors ended up surpassing the point where we thought wave 5 would have completed. Now unless you can call this recent two-day move only wave b of an expanded flat, the next alternate is to simply consider wave iii of 5 which means further extensions where iii=i points to 502. The trailing support would be the 20 DMA at 251 and rising. Usually, we can call this a b wave till it is smaller than 138.2% of wave a. That level is at 329 which once surpassed on a closing basis should significantly reduce the odds that this is a corrective bounce. 

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