Jindal Stainless Ltd is moving up in impulsive manner where in we can move unfolding in 3 different degree's(Primary,Intermediate,Minor)
Here we are seeing Extention in Primary wave 3 which is sub-divided in 5 intermediate waves and of this 5 waves,intermediate 5 is sub divided in minor 5,which got completed when prices reversed from upper channel rasistance drawn from intermediate 2-4 support line.we also had bearish negative divergence on RSI between Minor 3 and Minor 5 of intermediate 5 of primary 3 there by confirming primary 3's end.
I choose to label this stock as this stock is breaking it's all time high levels and giving breakout.Current breakout is not supported by higher volumes then it's preceding breakout and also the move from 160-206 seems slower then it's prior fall from 206-160....indicating fading momentum.
So i think stock is in the middle of intermediate wave B of Primary 4 which can end in 220-240 zone and going ahead we might see wave C unfolding on the down side taking price between 180-160 depending upon where current wave B will end.
Anyone holding this stock in profit should protect there profits by keeping a stop-loss as per one's risk apetite.
Once wave C is done,One should accumalate this stock.
Disclaimer:Analysis provided is just for personal reference purpose no postion should be build or exited on its basis.
@AbhijitSinhaRoy, 240 is the max level for wave B as it wud then lead to change of counts and would invalidate this count.Thing with elliot wave correction is we cannot know which sub-form or variation correction is taking,however over here i am expecting current flat correction to take either a regular flat(as per regular wave B has reached it's 100% extention target and from here itself price should reverse) or expanded flat(price can retrace wave A by 123% to 138% in wave B which is coming around 221-229) .
PS:161% extention of wave A is coming at 242,chances of reaching that level is very less.Hence if you are holding long then keep stop-loss of previous day's low,a close below previous day's low would definitely be meet with more selling.
TKMum
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Thanks, request you to send chart of Tata Steel i am stuck in Tata steel at higher level.
UNDERDOG-29
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@TKMum, seems like you are holding entire metal basket....
TKMum
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@UNDERDOG-29, Ha..ha...No only 3 stocks.. Jindal steel, SAIL and Tata Steel, Tata steel yesterday came in profit
UNDERDOG-29
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@TKMum, time to be cautious in tatasteel check out the update