Elliott wave projection: JSW Steel Trend Analysis

forextidings Updated   
JSW Energy has been forming a downward channel for 22 weeks, and Elliott's projection illustrates the formation of a corrective structure.

Traders can short for the following targets: 289- 278 - 262

The corrective pattern started unfolding after a high of 408. Let's discuss wave formations and the Fibonacci relationship of correction.

  • Wave ((A)) is an impulse pattern and retraced 78.6% of wave 5.

    Wave ((B)) is a double zigzag and retraced 61.8% of wave ((A)).

    Wave ((C)) is unfolding its pattern, and it has broken down the descending channel of wave ((B)), which indicates that wave impulsive wave has started.
Trade closed: target reached:
JSW Energy reached the first target of 289.


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