Clearly I was wrong in expecting Tata Steel making a double bottom near 500. So the alternate is that the entire decline was 'W' or the first leg of a bearish trend, and the next top is X, and we are in wave Y a new corrective decline. So far it appears like a zig-zag, 5-3-5 wave structure, and wave c is breaking up into an extended 5 wave decline. Below 486 III=I goes to 428. The next major swing low is at 408, that coincides with 61.8% of the previous rise of the last 2 years.