JSWSTEEL trade ideas
JSWSTEL, Real-Time illustration of complete ElliottWave-Cycle!For the ElliottWave-Cycle, kind of behavior appears in two different forms on a market chart:
The impulsive move
The corrective move.
Motive Cycle:
The impulsive waves can occur both in an uptrend and a downtrend . Impulse Elliot wave theory summary;
It takes the form of 5+3 wave = 8 Wave patterns.
It has the three waves 1, 3, 5 moving in the direction of the trend, the motive waves, and two waves 2 and 4 which move against the trend.
Waves 1, 3, 5 can further be divided into five smaller wave s each while 2 and 4 into 3’s.
Corrective Wave Cycle:
The corrective wave comprises 3 waves moving in the opposite direction of the initial trend. Corrective patterns Elliot wave theory summary;
This wave pattern can never move beyond the origin of the previous impulse wave.
The letters a, b, c are used to label these waves respectively.
=================RULES======================
The 3 main Elliot wave rule s trading Elliot wave.
Wave 2 never retraces 100% of wave 1
Elliot Wave 3 is never the shortest wave in a completed 5 wave sequence.
Wave 4 cannot retrace into wave 1
JSW STEEL 30 min tftook major support from its structure support and 200 ema on 30min time frame, we can enter with a strict stoploss and keep trailing our stoploss if price action worked in our favourable condition
JSW steel to take long entryJsw steel is in uptrend in all TFS. Take long entry between 325-330 TGT 350 SL 312. on daily stock is well support taken the 20 EMA. Expected once again to bounce back.
This is for your educational purpose only.
JSW STEEL.. raising wedgeJSW STEEL forming a rising wedge with higher high in price and rsi finding resistance at the previous top.
expecting a test of 20 dma to start.
immediate supprt at 326 327
note: this is just for reference and study purpose. do your due diligence before trading or investing
JSW STEEL----SELL BELOW 341, SL- 343.5.1st confirmation:- Double Top in JSW STEEL.
2nd confirmation:- Negative Divergence at 1H TF.
Chart of the Week: JSWSTEELJSWSteel had a brekout and started to rise. As per Gann theory, it has entered into a new orbit and as per ElliottWave theory, first wave on weekly time frame is started being developed. From March 2013 to Aug 2018, in 5 years it climbed from low 45 to 425. Similarly, from its low of April 2020 of 132 and by approx 2025 - 2026 it may rise upto 1300-1400.
This is being unfolding as a multibagger stock, without any Stop Loss buy and hold for at least 6-7 years.
JSW STEELIt has reversed from a Bearish Harmonic Alt Shark which could see a retracement till 318/310/300. The view would negate above 332.
Harmonic Trading Patterns are derived from Fibonacci ratios which create various patterns indicating reversal/retracement of trend in the time frame spotted.
