23Jan

JSW STEEL Indian Stocks Elliott Wave Technical Analysis: Providing Insights into Stock Support and Resistance Levels, and Future Market Movements

JSW STEEL Stock Elliott Wave Analysis - TradingLounge Day Chart

JSW STEEL Indian Stock (1D Chart) Analysis

JSW STEEL – 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 currently moving lower, facing resistance at 1075, with potential termination around the 850-860 zone.

Invalidation point: 1075

JSW STEEL Daily Chart Technical Analysis and Elliott Wave Projection

The JSW STEEL daily chart signals a major top formation near 1075, identified as Minor Wave 5 within Intermediate Wave (5) Orange. Following this peak, a corrective drop at the Minuette degree is nearing completion or already concluded around the 840-850 zone.

In May 2022, JSW STEEL concluded Intermediate Wave (4) Orange around 520, leading to a five-wave rally at the Minor degree, labeled as 1 through 5, pushing the price to the 1075 high in October 2024. Observing the chart, a broader degree flat pattern could be evolving at the Minor degree level, with the 1075 mark acting as a critical resistance level.

JSW-STEEL-Indian-Sto...


JSW STEEL Stock Elliott Wave Analysis - TradingLounge 4h Chart

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

Function: Counter Trend (Minor Degree Grey)

Mode: Corrective

Structure: Flat

Position: Minute Wave ((c)) Navy

Details:

Minute Wave ((c)) is currently declining, holding resistance at 1075. The sub-waves indicate an impulsive movement and might have ended Minuette Wave (iv) Orange around 930, with a potential termination expected within the 850-860 range.

Invalidation point: 1075

JSW STEEL 4H Chart Technical Analysis and Elliott Wave Scenarios

The JSW STEEL 4-hour chart highlights sub-wave action following the 1075 high, marking the termination of Minor Wave 5 of (5). The sequence Minuette (a)-(b)-(c) concluded Wave ((a)) around 910, with Minute Wave ((b)) pushing back to 1020, subdividing into three distinct waves at the Minuette degree.

Currently, Minute Wave ((c)) continues to decline impulsively, with a possible target in the 850-860 zone, before bullish momentum might return. The 854 level, which marks the previous Wave 4 termination, could provide significant support.

Technical Analyst: Harsh Japee

Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here 

Previous: ASIAN PAINTS Elliott Wave Technical Analysis

VALUE Offer - Buy 1 Month & Get 3 Months!Click here

Access 7 Analysts Over 200 Markets Covered. Chat Room With Support

JSW-STEEL-Indian-Sto...


Conclusion

JSW STEEL is in a downward phase within Minute Wave ((c)), targeting the 850-860 zone, with the 1075 mark serving as the key invalidation point.

Related

UNH Elliott Wave Analysis: Comprehensive Look at United Health Group Inc. Daily and 4-Hour Trading Charts

UNH Elliott Wave Analysis: Comprehensive Look at United Health Group Inc. Daily and 4-Hour Trading Charts

This article provides an in-depth analysis of United Health Group Inc. (UNH) using the Elliott Wave ...

Read More >
Unlocking ASX Trading Success: BLOCK INC. - SQ2 Stock Analysis & Elliott Wave Technical Forecast

Unlocking ASX Trading Success: BLOCK INC. - SQ2 Stock Analysis & Elliott Wave Technical Forecast

Our comprehensive analysis provides an insightful look into Block Inc. - SQ2 using Elliott Wave theo...

Read More >
ASX FORTESCUE LTD Elliott Wave Analysis: FMG Fortescue Metals Stock Forecast, Key Trading Strategies, Wave Count Insights

ASX FORTESCUE LTD Elliott Wave Analysis: FMG Fortescue Metals Stock Forecast, Key Trading Strategies, Wave Count Insights

Elliott Wave analysis explores the current wave structure of ASX: FMG (Fortescue Metals Group), high...

Read More >
Unlocking Corn Market Potential: Elliott Wave Analysis Points to Bullish Trend Ahead

Unlocking Corn Market Potential: Elliott Wave Analysis Points to Bullish Trend Ahead

Discover how Elliott Wave analysis informs trading strategies in the bullish corn market. Gain insig...

Read More >

$1 for 2 Weeks

then $29 a month!

What a Special Offer!

Trade Recommendations

Unleash the power of deversified trading with our comprehensive portfolio, covering 250+ markets:

  • Stock Trades
  • Crypto Trades
  • Forex Trades
  • Commodity Trades
Elliott Wave Analysis

Gain a competitive edge with expert insights and AI-powered Elliott Wave charting into:

  • Global Indices
  • US Stocks & ASX Stocks
  • Forex & Crypto
  • Commodities
Top-Notch Trading Tools

Equip yourself with the tools of success:

  • Real-time Chat rooms
  • Elliott Wave Algorithm
  • Portfolio tools
  • TradingLevels
  • Screener
  • Trading Game
7 Elliott Wave Analysts

Stay ahead of the market with daily charts and insightful videos
Your secret to strategic trading!

JOIN HERE


Welcome to TradingLounge (ASIC A.R.No. 321187), specialists in trades, trading education and technical analysis, covering stocks, indices, commodities, forex and cryptocurrencies.

When you join TradingLounge you have access to everything we offer, including trade tools, educational content and a social platform to chat with like-minded investors.

Read more

@Copyright 2024 by tradinglounge.com

Contact Us

Australian no: 02 4787 6020

International no: +61 (2) 47876020

Pay with:

Find us on