JSW STEEL Stock Analysis - TradingLounge (1D Chart)
JSW STEEL Stock 1D Chart Analysis
JSWSTEEL Elliott Wave Technical Analysis
Function: Counter Trend (Minor Degree Grey)
Mode: Corrective
Structure: Potential impulse within a larger degree correction
Position: Minute Degree is still unfolding
Details: The proposed wave structure has shifted as the stock moved below the 960 mark. Minor Wave 4 Grey has been adjusted, with Wave 5 potentially completing near 1075. A push beyond 1075 will likely reestablish bullish momentum.
Invalidation Point: 1075
JSW STEEL Daily Chart Analysis and Elliott Wave Counts
The JSW STEEL daily chart signals a larger degree trend, terminating at the 1075 high. Intermediate Wave (5) Orange is complete, with prices declining toward the 850 mark at a Minor Degree. At the time of writing, the stock trades around 932.
Key observations:
- Intermediate Wave (4) Orange concluded around 520 in May 2022.
- The subsequent rally subdivides into five waves, labeled Minor Wave 1 through 5, visible on the daily chart.
- Although not explicitly labeled yet, a larger degree correction against the 1075 high is underway.
JSW STEEL Stock Analysis - TradingLounge (4H Chart)
JSW STEEL Stock 4-hour Chart Analysis
JSW STEEL – JSWSTEEL Technical Analysis
Function: Counter Trend (Minor Degree Grey)
Mode: Corrective
Structure: Potential impulse within a larger degree correction
Position: Minute Degree is still unfolding
Details:
The wave structure has shifted following a drop below 960. Minor Wave 4 Grey was adjusted, with Wave 5 likely completing near 1075. Bulls could regain control with a breakout above 1075. A potential corrective A-B-C pattern is visible, with Wave C seemingly progressing downward.
Invalidation Point: 1075
JSW STEEL 4H Chart Analysis and Elliott Wave Counts
The JSW STEEL 4H chart reflects adjusted wave counts after Minor Wave 4 concluded near 855 in August 2024. The decline from the 1075 high may represent a Minor Degree A-B-C correction or a more complex pattern. Bears currently dominate, targeting the 850 mark. Any changes to this count will be addressed in the next update.
Technical Analyst: Harsh Japee
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Conclusion:
JSW STEEL is undergoing a corrective decline at a Minor Degree, retracing from the 1075 high.