My last Elliott wave update on Tata Steel was back on 18th June. Since then, this stock has behaved perfectly from a technical point of view. Once the extended fifth wave was  completed, there was no surprise in the move that followed (and continues to develop). As I have often stated in hese pages, fifth waves can make you rich, especially if you happen to recognize an extending fifth wave. Tata Steel’s extended fifth wave has paved the path for a steep sell off, and investors should be wary of the possibility of a further decline of 20% from current levels. Don’t expect that decline to be a straight line move! What I am saying here is you will find this stock much cheaper in a few months from now. So if you are planning to buy, you shouldn definietly wait. If you are sitting long, then use any recovery to get out.