TMPV (Tata Motors Passenger Vehicles) – Elliott Wave Analysis
Buy on Dips Opportunity | Bullish Higher Timeframe Outlook 🚗📈
TMPV has completed a major impulsive rally from Covid lows and is currently in a Wave (2) corrective structure after topping around the 950–1000 zone (projected Wave 1 peak). The corrective move looks controlled and remains within long-term rising channel support.
🔍 Technical Analysis Summary
Elliott Wave Structure
Wave (1) completed near ₹950–1000
Wave (2) correction currently unfolding
Price respected the mid-channel support and is forming a probable bottoming zone
RSI entering oversold reversal territory, similar to previous Wave 2 formations
Once Wave (2) completes, a powerful Wave (3) rally is expected, historically the strongest phase.
🎯 Buy Levels (Accumulation Zones)
Zone & Reason
₹365 - Key structure support / neckline
₹324 - Wave (2) Fibonacci cluster & channel median
₹277 - Extreme dip / demand zone
📌 Buy on dips — strongly supported by analysis.
🛡 Risk Management
Bullish view valid as long as
₹221 holds as the long-term support base
This level aligns with lower channel boundary & 78.6% retracement of previous leg
A weekly close below ₹221 invalidates bullish structure.
📈 Bullish Trigger & Breakout Confirmation
Above ₹450 — strong breakout signal indicating Wave (3) ignition
Above this level TMPV can start aggressive upside movement toward new highs
🧠 Upside Target Projections (Wave 3 & 5)
Target Zone - Area
₹503 – 570 - Wave 3 initial zone
₹677 – 789 - Main Wave 3 target
₹955 – 1070 - Wave (4) zone (retest / consolidation)
₹1234 – 1425 - Final Wave (5) zone
📊 RSI Indicator View
RSI is deeply corrected and entering reversal territory between 32–35
No new lower low on RSI → bullish divergence developing
Indicates weakening selling pressure & potential bottoming
Conclusion
🟢 Primary View: Bullish
Buy on dips towards ₹365 – 324 – 277
Long-term target: ₹1234 – ₹1425
Bullish as long as ₹221 holds
🔴 Alternate Bearish View
Below ₹221, extended correction may continue lower
🚨 Disclaimer
Educational Elliott Wave study only. Not trading/investment advice. Do your own research.
TMPV has completed a major impulsive rally from Covid lows and is currently in a Wave (2) corrective structure after topping around the 950–1000 zone (projected Wave 1 peak). The corrective move looks controlled and remains within long-term rising channel support.
🔍 Technical Analysis Summary
Elliott Wave Structure
Wave (1) completed near ₹950–1000
Wave (2) correction currently unfolding
Price respected the mid-channel support and is forming a probable bottoming zone
RSI entering oversold reversal territory, similar to previous Wave 2 formations
Once Wave (2) completes, a powerful Wave (3) rally is expected, historically the strongest phase.
🎯 Buy Levels (Accumulation Zones)
Zone & Reason
₹365 - Key structure support / neckline
₹324 - Wave (2) Fibonacci cluster & channel median
₹277 - Extreme dip / demand zone
📌 Buy on dips — strongly supported by analysis.
🛡 Risk Management
Bullish view valid as long as
₹221 holds as the long-term support base
This level aligns with lower channel boundary & 78.6% retracement of previous leg
A weekly close below ₹221 invalidates bullish structure.
📈 Bullish Trigger & Breakout Confirmation
Above ₹450 — strong breakout signal indicating Wave (3) ignition
Above this level TMPV can start aggressive upside movement toward new highs
🧠 Upside Target Projections (Wave 3 & 5)
Target Zone - Area
₹503 – 570 - Wave 3 initial zone
₹677 – 789 - Main Wave 3 target
₹955 – 1070 - Wave (4) zone (retest / consolidation)
₹1234 – 1425 - Final Wave (5) zone
📊 RSI Indicator View
RSI is deeply corrected and entering reversal territory between 32–35
No new lower low on RSI → bullish divergence developing
Indicates weakening selling pressure & potential bottoming
Conclusion
🟢 Primary View: Bullish
Buy on dips towards ₹365 – 324 – 277
Long-term target: ₹1234 – ₹1425
Bullish as long as ₹221 holds
🔴 Alternate Bearish View
Below ₹221, extended correction may continue lower
🚨 Disclaimer
Educational Elliott Wave study only. Not trading/investment advice. Do your own research.
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.