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JSW STEEL – JSWSTEEL (1D Chart) 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 now correcting lower or potentially complete around 980 mark, within Minor Wave 5 of Intermediate Wave (5) Orange. Potential target is seen towards 1093 mark.

Invalidation point: 960. Risk tightened

JSW Steel Daily Chart Technical Analysis and potential Elliott Wave Counts:

JSW Steel daily chart is indicating one more potential push higher through 1093 mark to terminate Minute Wave ((v)) Navy of Minor Wave 5 Grey within Intermediate Wave (5) Orange. Please note the fifth wave is terminating at multiple degree around 1093 hence a much larger degree correction could be followed.

JSW Steel stock prices has risen since May 2022 after printing lows around 520 mark, Intermediate Wave (4) Orange. Minor Wave 3 was extended and Minute Wave ((iii) of 3 was also an extension. Minor Wave 4 Grey terminated around 830 levels on June 04, 2024.

Minor Wave 5 has been unfolding since 830 lows and is well poised to push through 1093. Furthermore, minute Waves ((i)) through ((iv)) look complete and prices should turn higher soon. Ideally. The stock should hold above 960 mark to keep the impulse structure intact.

JSW STEEL – JSWSTEEL (4H Chart) 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 now correcting lower or potentially complete around 980 mark, within Minor Wave 5 of Intermediate Wave (5) Orange. If correct, Minute Wave ((v)) should resume higher soon towards potential target around 1093 mark.

Invalidation point: 960.

JSW Steel 4H Chart Technical Analysis and potential Elliott Wave Counts:

JSW Steel 4H chart highlights the sub waves after printing Minor Wave 4 low around 830 mark. Looks like a potential impulse underway towards 1093 and key remains around 960 levels.

Conclusion:

JSW Steel is progressing higher towards 1093 mark as Minute Wave ((v)) is about to resume within Minor Wave 5 Grey of Intermediate Wave (5) Orange; against 960.

Elliott Wave Analyst: Harsh Japee

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