JSW Steel Elliott Wave technical analysis [Video]

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]