JSWSTEEL
Short JSW Steel. Triangle Pattern Downwards breakoutTriangle Pattern breakout.
Target around 1550 within the next 11 days.
Stop Loss around 1630-1635
JSWSTEEL "HEAD & SHOULDER"/ REGRESSION TREND:-formation for head & shoulder
:-about to break regression trend
:-close below 100 MA
:- profit target to the previous swing low.
JSW Steel is getting ready to reverse JSW Steel after breaking the long term up trend moved into consolidation further falling and forming a falling wedge. it may further go down up to 1537.00 and touching this level we may see upside movement when breakout occurs. risky traders enter long at 1537.00 or may wait to breakout of wedge pattern with a target of 1800.00.
JSW STEELWell, according to my probable Elliott wave count and opinion it seems like some more up trend in JSW STEEL. We have finished micro wave 3 and 4 (wave 4 is 23.6 of wave 3). Now we are currently moving towards the final micro wave 5. But one need to be careful as we might not have finished wave 4 correction. Further wave 1 was a flat correction so with alteration wave 4 was a zigzag. Now the internal wave counts are also done just zoom it to see. So one could buy this stock after a retracement of the current wave or at the breakout. But still one be careful before trading as your capital will at risk. Any suggestion will be welcome.
JSW STEEL - High Rewarding Short Setup It is been observed that the price action has previously breaks out from a channel as shown in Tata Steel chart (link given below) and then retrace back to the previous channel trend line, forming a V shaped signaling completion of retracement and now the price action shall further move down toward 1660 target levels.
Risk/Reward: 1/5
Target1: 1660
Stoploss: 1800
JSWSTEEL Elliott Wave Analysis, points to a coming correction There is a good chance that JSWSTEEL could see a sharp correction in the coming two trading sessions. We have probably finished the impulse that started around 800 and carried the price all the way to 1800. The other metal stocks also seem to suggest that they are over-heated. Moreover with the GDP data coming in lower than the previous quarter we could see a reaction tomm and that could lead to a sharp correction in the metal stocks. The current ABC pattern also points to an irregular correction. The move in the wave C is the sharpest and we are in the sub-wave iii of the larger C wave. This could be a very good trade with a stop loss just above 1810 level.
