JSW STEEL – JSWSTEEL Elliott Wave Analysis (1D Chart)

JSWSTEEL 1 Day Chart Analysis

JSWSTEEL Elliott Wave Technical Analysis

Function: Larger Degree Trend Higher (Intermediate Degree Orange)

Mode: Motive

Structure: Impulse

Position:Minute Wave ((iv)) Navy

Details:

Minute Wave ((iv)) Navy is currently correcting lower or has potentially completed around the 980 mark, within Minor Wave 5 of Intermediate Wave (5) Orange. The potential target is towards the 1093 mark.

Invalidation Point: 960 (Risk tightened)

JSW Steel Daily Chart Technical Analysis and Elliott Wave Counts

The daily chart for JSW Steel indicates a potential upward push towards the 1093 mark, signaling the completion of Minute Wave ((v)) Navy of Minor Wave 5 Grey within Intermediate Wave (5) Orange. This push may terminate at multiple degrees around the 1093 mark, suggesting a larger correction could follow.

Since May 2022, JSW Steel stock has been rising from lows around 520 (Intermediate Wave (4) Orange). Minor Wave 3 extended, and Minute Wave ((iii)) of 3 also saw an extension. Minor Wave 4 Grey ended near 830 on June 04, 2024.

Minor Wave 5 has been unfolding from the 830 lows, with a potential push towards 1093. Minute Waves ((i)) through ((iv)) appear complete, and the stock is expected to move higher soon. It is crucial that the stock holds above 960 to maintain the impulse structure.

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JSW STEEL – JSWSTEEL Elliott Wave Technical Analysis (4H Chart)

JSWSTEEL Stock Technical Analysis

Function: Larger Degree Trend Higher (Intermediate Degree Orange)

Mode: Motive

Structure: Impulse

Position: Minute Wave ((iv)) Navy

Details: 

Minute Wave ((iv)) Navy is either in a correction lower or potentially completed around the 980 mark, within Minor Wave 5 of Intermediate Wave (5) Orange. If correct, Minute Wave ((v)) is expected to resume higher soon towards the potential target of 1093.

Invalidation Point: 960

JSW Steel 4H Chart Technical Analysis and Elliott Wave Counts

The 4H chart of JSW Steel highlights the sub-waves following Minor Wave 4's low near 830. A potential impulse appears underway, targeting the 1093 level, with the key level remaining around 960.

Technical Analyst: Harsh Japee

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Conclusion

JSW Steel is advancing towards the 1093 mark as Minute Wave ((v)) is expected to resume within Minor Wave 5 Grey of Intermediate Wave (5) Orange, provided the stock stays above 960.

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