Tata Motors – Hourly 23.02.15

Hi,

Lets look at the hourly chart of Tata Motors

tatamotors

It looks like we can expect a decline in prices from 580 to levels of 530, the previous decline was 5 moves down and current rally is only corrective in nature. This suggests that the rally was part of the b wave of an a-b-c decline. Expecting a fast move down.

UPDATE –

The trendline is broken and prices were seen falling today,

Target 1 -544