Elliott wave projection: JSW Steel Trend Analysis

23 mar 2022

JSW Energy has been forming a downward channel for 22 weeks, and Elliott's projection illustrates the formation of a corrective structure.

Traders can short for the following targets: 289- 278 - 262

The corrective pattern started unfolding after a high of 408. Let's discuss wave formations and the Fibonacci relationship of correction.

• Wave ((A)) is an impulse pattern and retraced 78.6% of wave 5.
  
  Wave ((B)) is a double zigzag and retraced 61.8% of wave ((A)).
  
  Wave ((C)) is unfolding its pattern, and it has broken down the descending channel of wave ((B)), which indicates that wave impulsive wave has started.
  

28 mar 2022

Trade chiuso: obiettivo raggiunto

JSW Energy reached the first target of 289.