Kalyan Jewellers – Elliott Wave analysis for breakout.

Kalyan Jewellers – Elliott Wave Validation (Daily Chart, IST)
Big Picture Structure
• Primary trend: Bullish
• Current degree: Wave (5) in progress
• Wave (4): Completed near ₹440–445
• Market is now transitioning from early Wave (5) into impulsive expansion
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Role of the Inverted Head & Shoulders (IH&S)
• IH&S has formed after Wave (4) → classic trend-resumption pattern
• This pattern is acting as:
o A reversal from correction
o A launchpad for Wave (5)
Key Pattern Levels
• Head: ~₹440–445 (Wave 4 low)
• Left Shoulder: ~₹495–505
• Right Shoulder: ~₹485–495
• Neckline: ~₹520–525
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Breakout Condition (Critical Point)
If today’s candle closes 515 , it confirms breakout
More precisely:
• Daily close above ₹515 with volume
= Confirmed IH&S breakout
= Start of impulse inside Wave (5)

Projected Targets – Elliott-Compliant
Targets are valid Fibonacci expansions from Wave (4) low.
Reference Points
• Wave (4) low: ~₹445
• Breakout zone: ~₹525
🎯 Targets Explained
Target Basis
₹610 0.618 extension of Wave (5)
₹699 Equality with prior Wave (1) / mid expansion
₹799 1.618 extension → typical Wave (5) extreme
✔ All three targets are Elliott-legal and realistic
✔ ₹799 also aligns with previous Wave (3) high, which is common in Wave (5)