TCS – Wave 2 Correction Nearing Completion?

TCS has been in a prolonged corrective phase since the all-time high at ₹4592. The decline has unfolded best as a W–X–Y double zigzag, with the current leg (Wave Y) progressing into its final stages.

• Wave W ended at ₹3056 after a sharp A–B–C decline.
  
• Wave X retraced to ₹3630.
  
• Wave Y is in progress, and its C leg appears close to exhaustion. A mini 4th-wave triangle has developed, suggesting a final push lower remains.
  

The termination zone for Wave 2 is highlighted between ₹2926–₹2850, aligning with the prior Wave 4 support zone. Importantly, bullish divergence is likely to emerge on RSI if price makes a marginal new low.

Key Levels:
Support zone: 2926–2850 (probable Wave 2 low).
Bearish invalidation: A sustained move above 3370 would invalidate the immediate bearish count.
Bigger picture: If this structure holds, it would complete Wave 2 of a higher degree, setting the stage for a powerful Wave 3 rally ahead.

Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please do your own research (DYOR) before making any trading decisions.