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 FinancialWaves 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.
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