Elder Type Trade : A Recap

On Monday the 15.7.2013 , TataSteel opened with a gap down  @ 254.50. When I see that, I refrained from buying and decide that the best buy point will be above 260. Frankly I didn't expect it to gap down and go under 255. I then again searched on the net for any news that may drag the stock down.And yes I found  one that may be the possible reason. Tata Steel's European section , formerly known as Corus has reported a £ 1.2 billion loss for the year. That information may leaked well before and could be the reason of the stock's long downtrend. In the next two days  TataSteel has come down even more and closed @ 243.20. The Impulse on weekly chart has again turned red , and daily chart is showing a red sign as well. 

Tata Steel Weekly Chart

Tata Steel Daily Chart

I will be waiting for the impulse to be turned blue on the weekly chart before I decide to buy the stock again. For the time being It will only be remain on my watchlist.