Price: ₹376 • Timeframe: 1M • Trend: Long-Term Bullish
Structure: Elliott Waves + Rising Channel + Fibonacci Targets
🔷 LONG-TERM STRUCTURAL VIEW
Tata Power has completed a 10+ year accumulation and broken into a long-term uptrend since 2020.
Price is respecting a strong rising channel, with multiple clean touches on both upper and lower boundaries.
The market is currently in a multi-year impulsive cycle, following a textbook Elliott Wave structure.
📌 ELLIOTT WAVE OVERVIEW
Primary Count
-
Wave (1): Breakout from long-term base
-
Wave (2): Pullback to channel support
-
Wave (3): Strong rally into 2023 highs
-
Wave (4): Current consolidation phase
-
Wave (5): Projected upward expansion (targets below)
Subwave Count
Clear subwave notations (1)-(2)-(3)-(4)-(5) seen inside the major impulsive structure.
Wave 4 is forming high-timeframe support between ₹347–₹450.
📌 SUPPORT ZONES
| Level | Importance |
|---|---|
| ₹450 | Immediate resistance turned support candidate |
| ₹347 | Major Wave (4) support zone |
| ₹282 | Strong structural support |
| ₹182 | High-timeframe base level |
| ₹27 | Legacy low (unlikely to be seen again) |
As long as price stays above ₹347, Wave 5 remains intact.
📌 RESISTANCE & TARGET ZONES
Wave 3 Zone (Already Hit)
-
₹621 → ₹657 → ₹721
This was the previous high-volume rejection block.
Wave 5 Major Projection Zones
Primary Wave 5 Target
-
₹721 → ₹883 → ₹999
Extended Wave 5 Target
(If momentum accelerates)
-
₹1,050 → ₹1,250
(not shown on chart but possible on extended fib cycles)
The blue box around ₹883–₹999 is the strongest high-probability target zone for 2026–2028.
🔥 CHANNEL STRUCTURE
The price is moving inside a well-defined ascending channel:
-
Lower blue channel line = perfect support during Wave 2 & Wave 4
-
Midline acts as a reaction zone
-
Upper channel line projects Wave 5 targets around ₹883–₹999
Channel geometry strongly supports the Wave 5 upward leg.
🔵 RSI MOMENTUM (MONTHLY)
-
RSI is currently holding above 51
-
The previous overbought region (Wave 3) is cooling off naturally
-
No bearish divergence on the larger trend
-
Trend continuation remains possible once RSI curls upward again
This RSI structure is typical of Wave 4 consolidation before the final impulse.
🚀 PRICE OUTLOOK (2025–2028)
Short-Term (3–6 Months)
-
Range: ₹347 → ₹450
-
A breakout above ₹450 can restart the next impulsive leg.
Medium-Term (6–18 Months)
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Climb toward ₹516 → ₹555 → ₹621
Long-Term (18–36 Months)
-
Wave 5 targets: ₹883 → ₹999
-
Extended target: ₹1,250 (if PSU + energy cycle remains strong)
⭐ SUMMARY
-
Tata Power has completed Wave (3) and is consolidating in Wave (4).
-
Rising channel remains intact and very strong.
-
Support: ₹347–₹450
-
Breakout triggers Wave 5 toward ₹883 → ₹999
-
RSI supports long-term bullish momentum.
-
The stock remains in a major multi-year uptrend cycle.
⚠️ DISCLAIMER
This analysis is for educational and chart-study purposes only and is not investment advice.
Always perform your own research and consult a registered financial advisor before making trading or investment decisions.
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