Tatasteel: ₹463 is highly oversold may correct to 352

Tatasteel: ₹463 is highly oversold and about to face a correction now.

First of all let me introduce my count. This is not to challenge any other count, but an erudition, I would like to share, from a different perspective, with some logic. I think we are in a wave 2 after the huge fall from the 1048 top. Hence our correction if wave 2 cannot be a triangle. So I am finding the other probabilities. I am not adamant, and ready to change if any one raise a logical strike :D

This is considered as a double combination complex correction, ends with a FLAT pattern giving a double bottom support at ₹ 200. And we are now in wave 1 of 3. If this turn out to be true, we will see two things soon, first a correction will end somewhere 50% to 62% of the current swing. Secondly there will be a huge move towards a new high as it evolves in wave 3 of 3.



The notes on chart are:
The x wave show above took 13x 2a time ie: 26 months makes it a corrective wave. Entire pattern
So far it looks like, a double combination, Complex correction.

The Double bottom is telling us the trend is changing.