24 Jun 2020 ● 06:00 AM
Tata Coffee - Value Wave Investment
An update on Tata coffee where prices went above the top end of the channel in wave 3 and then fell below the lower channel in wave 4. It is typical for a throw over in wave 3 to be followed by a throw under. My channel is a rerun from using a reverse channel of the highs to the trendline from the 2002 bottom after the most recent decline. Longer term we are still ending wave 4 and starting wave 5 that can go back to the top end of the channel near 320 or higher or where the 5th wave in the 1st wave are equal closer to 400
In the short-term the 1st 5 wave advance in wave 1 marks the start of the longer term uptrend. The wave 3 may have already started as the wave 1 high has been surpassed. The next major resistance is at the wave B high of 107. 3=1=122 is the next level in the Elliott wave fractal.