The Elliott Wave analysis for JSW Steel’s daily chart reveals a strongly bullish trend, marking the beginning of a new impulsive upward sequence. This wave structure is led by navy blue wave 1, which forms part of a broader gray wave 3 progression.

Market analysts confirm that gray wave 2’s correction phase has concluded, with the stock now entering the early stages of navy blue wave 1 of 3, which typically signifies the start of a powerful impulsive rally.

The invalidation level is set at 879.77—a break below this level would invalidate the current bullish outlook. The daily chart setup gives traders a clear view of the emerging trend, within the context of the larger wave structure.

Once navy blue wave 1 completes, a short-term correction in navy blue wave 2 is expected before the trend resumes upward into navy blue wave 3, often the most dynamic segment of an impulse wave.

This wave scenario provides both an immediate trading opportunity and a strategic setup for participating in the potential long-term rally. Traders should monitor for impulsive characteristics such as strong price moves, rising momentum, and higher trading volume.

Maintaining long positions aligns with the dominant trend, though risk control around the 879.77 level is essential.

JSW STEEL – Elliott Wave technical analysis

Function: Bullish Trend.

Mode: Impulsive.

Structure: Navy Blue Wave 1.

Position: Gray Wave 3.

Direction next lower degrees: Navy Blue Wave 2.

Wave cancel invalid level: 879.77.

The Elliott Wave analysis for JSW Steel’s weekly chart presents a strong bullish outlook, pointing to a significant upward trend currently forming. The key structure is navy blue wave 1, which unfolds as part of the broader gray wave 3 progression.

Analysts confirm that gray wave 2’s corrective phase has ended, with the stock now entering navy blue wave 1 of 3, which typically signals the start of a dynamic and extended bullish wave. This setup positions the stock for further upside within the ongoing long-term rally in the steel sector.

The invalidation level is set at 879.77—a break below this would challenge the bullish wave structure. The weekly chart offers a broader strategic view, making it ideal for long-term investors tracking the development of gray wave 3.

Navy blue wave 1 not only provides a medium-term opportunity but also serves as a foundation for what could be a much larger wave structure. This aligns with common Elliott Wave behavior, where wave 3 phases tend to deliver extended price movements and strong momentum.

Traders and investors are encouraged to confirm wave progress through technical signals, including volume surges and impulsive price patterns. While the trend supports holding long positions, proper risk controls near the invalidation level are recommended.

This analysis delivers valuable perspective for market participants seeking to leverage emerging trends in JSW Steel. With both immediate upside and long-term potential, the setup aligns with broader market strength.

Technical Analyst: Malik Awais.

JSW STEEL – 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.

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