Tata Elxsi – The 4700 Line in the Sand

Daily Chart View
Price action from the 9,080 peak into the 4,700 low unfolded as a complete 5-wave decline, ending with an ending diagonal. From that low, we can count a new 5-wave sequence beginning:

• Wave 1 up into 6,735
  
• Wave 2 pullback now testing the 0.5–0.618 retracement zone
  
• A possible Wave 3 launchpad if the structure holds
  

This sets up 4,700 as the line in the sand(Invalidation level) — a break below would invalidate the bullish impulse count.



Weekly Chart View
Looking at the bigger picture, the fall from 10,760 ATH into 4,700 can be read as a W–X–Y correction. If true, then the low at 4,700 completed the corrective cycle.
From there, the current up-move could be interpreted as:

• Either 1–2–3 of a new bullish cycle
  
• Or an A–B–C corrective rally
  

Either way, the bias is higher unless 4,700 breaks. A sustained move above 6,735 will strengthen the bullish scenario.

Summary

• Primary View: New bullish sequence started from 4,700
  
• Alternate: If 4,700 is breached, bearish continuation resumes
  
• Confirmation: Above 6,735, momentum tilts firmly bullish
  

Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Always do your own research (DYOR) before making trading decisions.