Tata Power Elliottwave Count

Tata Power Elliottwave

Tata Power Elliottwave Count : CMP 90.35

Tata Power is in large scale triangle (not shown).  Within this triangle, 5 waves are visible to the upside from 81.60 to 96.90.

This is a high probability trade setup.

We will now be trading for wave 3 which should reach 107-109.  61.8% Fibonacci retracement of this 5 wave move works out at approx 87 which makes a decent entry point.  Risk management level must be maintained at 81.  Cautious traders could wait for a further small 5 wave up as further confirmation before entry.

This is not a buy and hold trade.  It is a trade lasting a few weeks.  Once target is achieved, then exit is required.

Tata Power Elliottwave Count

Tata Power Elliottwave Count 2 hour chart.

 

Posted in Elliott wave India, Elliottwave India, Elliottwave Nifty, Nifty 50 elliottwave, Tata Power Elliottwave.