TATA CONSUMER PRODUCTS Indian Stocks Elliott Wave Technical Analysis

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TATA CONSUMER PRODUCT – TATACONSUM (1D Chart) Elliott Wave Technical Analysis

Function: Larger Degree Trend Higher (Intermediate degree, orange)

Mode: Motive

Structure: Impulse

Position: Minor Wave 4

Details: Minor Wave 4 might have unfolded as a zigzag near to terminating around 900 mark. Minor Wave 5 should be underway soon against 845.

Invalidation point: 845

TATA CONSUMER PRODUCT Daily Chart Technical Analysis and potential Elliott Wave Counts:

TATA CONSUMER PRODUCT daily chart is indicating a potential bottom around the 900 mark for Minor Wave 4 Grey. If correct, the stock should resume higher towards 1400-500 levels as Minor Wave 5 progresses further.

The stock had bottomed around 640 lows in March 2022, terminating Minute Wave (4) Orange. Since then, we can witness a clear three wave progression higher as Minor Waves 1, 2 and 3 unfolded. Minor Wave 2 was an expanded flat, while Minor Wave 4 unfolded as a flat structure.

If the above proposed count holds well, the stock should be well underway to push above the 1400 mark. Invalidation is seen around 840-45 mark, which is Minor Wave 1 termination.

 

TATA CONSUMER PRODUCT – TATACONSUM (4H Chart) Elliott Wave Technical Analysis

Function: Larger Degree Trend Higher (Intermediate degree, orange)

Mode: Motive

Structure: Impulse

Position: Minor Wave 4

Details: Minor Wave 4 might have unfolded as a zigzag near to terminating around 900 mark. Minor Wave 5 should be underway soon against 845. A break above 1028 will confirm bulls are back in control.

Invalidation point: 845

TATA CONSUMER PRODUCT 4H Chart Technical Analysis and potential Elliott Wave Counts:

TATA CONSUMER PRODUCT 4H chart is highlighting sub waves from Minor Wave 3 termination around 1250 mark in March 2024. The drop to Wave 4 unfolded as a flat (3-3-5) structure terminating around 900 levels in March 2024.

If the above structure holds well, Minor Wave 5 should be now underway against 845 and a push through 1028 will accelerate.

Conclusion:

TATA CONSUMER PRODUCT is now progressing higher within Minor Wave 5 against 845 low.

Elliott Wave Analyst: Harsh Japee

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