JSW Steel: Price targets using Elliott wave!
Dec 13, 2023
JSW Steel: Price targets using Elliott wave!
Elliott wave have helped us to navigate the trend for the stock. JSW Steel continued to rally and achieved our target of 833 levels. Stock moved much higher and made a high of 862.8. You can also do that especially if you know how to apply Elliott wave along with technical indicator for powerful setups.
We published the following research on JSW Steel pre-market on 1st December 2023 in "The Financial Waves Short Term Update" which our subscribers receive pre-market every day.
JSW Steel Daily chart as on 1st December 2023 (Anticipated):
JSW Steel Daily chart as on 13th December 2023 (Happened):
Wave Analysis as we published on 1st December 2023:
JSW Steel have just given a close above previous swing high. This is a good sign but follow up buying is must. In the previous session, stock closed with a gain of 0.99%. Along with this, supertrend has also just turned green. As per wave perspective, wave A is ongoing on the upside. So, overall signs are suggesting that outlook is likely to remain positive for coming sessions.
On the hourly chart, prices are moving up within an upward sloping channel. Wave c is unfolding on the upside. To understand wave pattern, we need more price action. Also, in this entire rise base line of the Ichimoku cloud has acted as a good support. So, any dip towards the same i.e. towards 794 would provide excellent opportunity to go long.
In short, JSW Steel looks positive. A break above 810 can lift the price higher towards 833 as long as 787 holds on the downside.
Happened:
We can see that how wave count has helped us to find out the trend reversal for JSW Steel well in advance. After completing wave X near 724 levels we had mentioned possibility of up move in form of wave A and the stock moved as we expected. On December 1 2023, we derive target of 833 levels which was achieved within just 3 trading sessions. Stock moved way higher and made high of 862.8.
Options Mantra – (OM) Learn the science of Trading Options using 5 powerful mantras in upcoming Options trading program on 16th – 17th December 2023. Methods can be applied directly on stocks or on Options chart. Limited seats only. To know more fill below form: