JSW Steel – Jswsteel (1D chart) Elliott Wave technical analysis
Function: Counter Trend (Minor Degree Grey).
Mode: Corrective.
Structure: Potential impulse within larger degree correction.
Position: Minute Degree is still unfolding.
Details: The proposed wave structure has changed as the stock breaks below 960 mark. Minor Wave 4 Grey has also been adjusted with Wave 5 potentially complete around 1075. Only a push through 1075 will bring bulls back in control.
Invalidation point: 1075.
JSW STEEL Daily Chart Technical Analysis and potential Elliott Wave Counts:
JSW STEEL daily chart is indicating a larger degree trend terminating at 1075 high. The Intermediate Wave (5) Orange is complete and stock prices have already turned lower towards 850 mark at a Minor degree. The stock is already trading around 932 at the time of writing.
JSW STEEL had terminated Intermediate Wave (4) Orange around 520 mark in May 2022. The religious rally after than can be clearly sub divided into five waves labelled Minor Wave 1 through 5 on the daily chart. Not labelled on the daily chart yet but a larger degree correction is underway against 1075
JSW Steel – Jswsteel (4H chart) Elliott Wave technical analysis
Function: Counter Trend (Minor Degree Grey).
Mode: Corrective.
Structure: Potential impulse within larger degree correction.
Position: Minute Degree is still unfolding.
Details: The proposed wave structure has changed as the stock breaks below 960 mark. Minor Wave 4 Grey has also been adjusted with Wave 5 potentially complete around 1075. Only a push through 1075 will bring bulls back in control. Also present a potential corrective drop A-B-C on the chart, where Wave C cold be progressing lower.
Invalidation point: 1075
JSW STEEL 4H Chart Technical Analysis and potential Elliott Wave Counts:
JSW STEEL 4H chart indicates adjusted wave counts since Minor Wave 4 terminated around 855 mark in August 2024. The drop since 1075 high could be a Minor degree correction A-B-C or more complex pattern. At the moment bears are in control and looking to drag towards the 850 mark. Will change the proposed count if needed in our next update.
Conclusion:
JSW STEEL is producing a corrective drop at Minor Degree against 1075 high.
Elliott Wave analyst: Harsh Japee.
JSW Steel – Jswsteel Elliott Wave technical analysis [Video]
As with any investment opportunity there is a risk of making losses on investments that Trading Lounge expresses opinions on.
Historical results are no guarantee of future returns. Some investments are inherently riskier than others. At worst, you could lose your entire investment. TradingLounge™ uses a range of technical analysis tools, software and basic fundamental analysis as well as economic forecasts aimed at minimizing the potential for loss.
The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership has been prepared without considering your objectives, financial situation or needs. Reliance on such advice, information or data is at your own risk. The decision to trade and the method of trading is for you alone to decide. This information is of a general nature only, so you should, before acting upon any of the information or advice provided by us, consider the appropriateness of the advice considering your own objectives, financial situation or needs. Therefore, you should consult your financial advisor or accountant to determine whether trading in securities and derivatives products is appropriate for you considering your financial circumstances.
Recommended content
Editors’ Picks
EUR/USD tumbles further and hit new YTD lows near 1.0580
The Greenback now resumes its uptrend and advance to new highs. forcing EUR/USD to abandon its initial constructive stance and reach new yearly lows in the 1.0580 region on Wednesday.
GBP/USD accelerates its losses below 1.2700
GBP/USD breaks below the 1.2700 support on the back of the sudden resurgence of buying interest in the US Dollar following US CPI data and some hawkish remarks from the Fed's Logan.
Gold extends slide to fresh two-month low
After shedding some ground throughout the first half of the day, the US Dollar is back in fashion. XAU/USD trades at its lowest in two months in the $2,580 region and is technically poised to extend its slump.
Bitcoin Price Forecast: Chances of pullback increase as miner selling ramps up
Bitcoin (BTC) price extends its decline for a second consecutive day on Wednesday, trading slightly down at around $87,600 after a 30% surge since November 5 pushed BTC to a new all-time high at $89,940.
Trump vs CPI
US CPI for October was exactly in line with expectations. The headline rate of CPI rose to 2.6% YoY from 2.4% YoY in September. The core rate remained steady at 3.3%. The detail of the report shows that the shelter index rose by 0.4% on the month, which accounted for 50% of the increase in all items on a monthly basis.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.