Current market sentiment is heavily bullish in nature. But Wolfe wave clearly tells that one more swift downfall is due on the shorter timeframe . And EOD Chart “Rising Wedge Pattern” suggesting that a expanding triangle is now taking place from 6067 to 6002.
Tata Motors Weekly charts showing -WW pattern. also there is negative divergence on MACD on weekly time frame charts. 1st target may be 240 breaching the 240 on weekly closing basis may trigger for next target of 180.
In technical analysis, it is a naturally occurring trading pattern present in all financial markets. The pattern is composed of five waves showing supply and demand and a fight towards an equilibrium price. These patterns can develop over short- and long-term time frames such as minutes or weeks and are used to predict where a price is heading and when it will get there.
Bearish wolfe found on tata steel EOD charts. so a close below 518 likely to hit 400 target in tata steel in near term. charts below Keep tracking !!! Regards Jay