TRENDING:

XAU/USD

Silver

JSW Steel Indian Elliott Wave technical analysis [Video]

Peter Mathers TradingLounge

JSW Steel Elliott Wave technical analysis

Function: Counter Trend (Minor Degree Grey).

Mode: Corrective.

Structure: Flat.

Position: Minute Wave ((c)) Navy.

Details: Minute Wave ((c)) is now progressing lower against 1075. It could terminate around 850-60 zone.

Invalidation point: 1075.

JSW Steel daily chart technical analysis and potential Elliott Wave counts

JSW STEEL daily chart is indicating a major top in place around 1075 mark, which is labelled as Minor Wave 5 of Intermediate Wave (5) Orange. Since then, a Minuette degree corrective drop is either complete or near to completion around 840-50 zone.

The stock terminated Intermediate Wave (4) Orange around 520 mark in May 2022. A five wave rally has unfolded since then at Minor degree labelled as 1 through 5, pushing prices through 11075 high in October 2024. It is worth noting that a larger degree flat could be unfolding at Minor degree against 1075 mark.

JSWSTEEL Elliott Wave technical analysis

Function: Counter Trend (Minor Degree Grey).

Mode: Corrective.

Structure: Flat.

Position: Minute Wave ((c)) Navy.

Details: Minute Wave ((c)) is now progressing lower against 1075. The sub waves suggest it is unfolding as an impulse and might have terminated Minuette Wave (iv) Orange around 930. It could terminate around 850-60 zone.

Invalidation point: 1075.

JSW Steel four-hour chart technical analysis and potential Elliott Wave counts

JSW STEEL 4H chart is highlighting the sub waves post 1075 high, Minor Wave 5 of (5) termination. Minuette (a)-(b)-(c) unfolded to carve terminate Wave ((a)) around 910 mark. Minute Wave ((b)) pushed through 1020 mark again sub dividing into three waves at Minuette degree.

Since then, Minute Wave ((c)) is progressing lower s an impulse. Potential target is seen towards the 850-60 zone before bulls could be back in control. Also note that 854 is previous Wave 4 termination as well.

Conclusion

JSW STEEL is progressing lower within Minute Wave ((c)) towards 850-60 zone against 1075 mark.

JSW Steel Indian Elliott Wave technical analysis [Video]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

EUR/USD holds losses near 1.1850 as US, China holidays keep trade muted

EUR/USD opens the week on a softer note, trading near 1.1860 during the Asian session on Monday. Activity is likely to remain muted, with United States markets closed for the Presidents’ Day holiday, while Mainland China is also shut for the week-long Lunar New Year break.

GBP/USD flat lines as traders await key UK macro data and FOMC minutes

The GBP/USD pair kicks off a new week on a subdued note and oscillates in a narrow range, just below mid-1.3600s, during the Asian session. Moreover, the mixed fundamental backdrop warrants some caution for aggressive traders as the market focus now shifts to this week's important releases from the UK and the US.

Gold remains below $5,050 despite Fed rate cut bets, uncertain geopolitical tensions

Gold edges lower after registering over 2% gains in the previous session, trading around $5,030 per troy ounce during the Asian hours on Monday. However, the non-interest-bearing Gold could further gain ground following softer January Consumer Price Index figures, which reinforced expectations that the Federal Reserve could cut rates later this year.

Top Crypto Losers: Dogecoin, Zcash, Bonk – Meme and Privacy coins under pressure

Meme coins such as Dogecoin and Bonk, alongside the privacy coin Zcash (ZEC), are leading the broader market losses over the last 24 hours. DOGE, ZEC, and BONK ended their three consecutive days of recovery with a sudden decline on Sunday, as crucial resistance levels capped the gains. Technically, the altcoins show downside risk, starting the week under pressure.

Global inflation watch: Signs of cooling services inflation

Realized inflation landed close to expectations in January, as negative base effects weighed on the annual rates. Remaining sticky inflation is largely explained by services, while tariff-driven goods inflation remains limited even in the US.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.