Yes. Price movement has led to a rounded bottom chart pattern on a weekly candlestick. As of 16th Jan 20, it has formed a bearish inverted hammer in an uptrend on weekly time frame. This portends likely fall to develop a handle. You have shown blue colour arrow in your illustration which is the expected fall. I have supplemented your chart with Fibonacci tool. I have joined lip of cup at (further up at 314) to bottom at 207. Price as of now in the current week has pulled back slightly above 61.8%. Blue arraow in your illustration is at 38.2% fall. If price falls below this level then it will invalidate entire chart pattern. Q3Y20 results will be announced on 20th Jan. Q3 results will have significant impact of price trend. As of now, JSW Steel has indicated that production of crude steel has fallen in first 9 months 3%, flat products by 3% and long products by 4%. This might offset better price realization
swapan-choudhury
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@datepuru, Pleasure to have your views on the stock. Please bear in mind that posts that appear not trade recommendations. The markets are dynamic and There are as many counts possible as there are lots of analysts. Stick to your own analysis till you are proved wrong. New information comes, and wave counts change. But that doesn’t mean I should give up my own analysis. We should stick to a count while trading something so we will know when we are wrong. But when I return to a chart after several weeks, I have the flexibility of starting afresh, just like someone who is looking at a new trade altogether. The old count is then history.