Tata steel

Tata steel stock is in wave 5th of wave 3rd of the recent impulse till it ends, on daily charts, the most recent rally is ended in wave 3, as per theory,
both rsi and macd are showing bearish divergence in daily time frame, and this can also be seen in poor volumes and participations in metal stocks during the most recent rally, this is typical of wave 5 of some degree, as per scenario wave 4 depth of correction is marked near 1070 to 1100 range. it sounds hard but who knows we can go there if wave 3 comes to an end.

Key Levels are Mentioned on chart

Wave Structure and Volume

Rsi bearish Divergence in daily time frame

Macd bearish divergence in daily time frame

Creating bkt in daily time frame

Waiting for confirmation

Disclaimer
I am not sebi registered analyst
My studies are Educational purpose only
Please consult with your Financial advisor before trading or investing

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Nifty Metal index view