JSW Steel - 56 days Time Cycle, EW technique along with Price action

elliott wave jsw steel time cycles Sep 20, 2022
Trading, Stocks, Stock Market

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Time Cycles are considered as a powerful technique to identify reversal zones and combining it with Elliott wave / Neo wave can give us amazing trade setups and can also help us to gauge price direction.

We have been using 56 Days’ Time Cycle to identify key areas of reversal and have succeeded to catch the bottom made at 520. Since then stock is moving higher and we have successfully managed the capture this move with the help of Time cycle, EW technique along with price action.

JSW STEEL Daily Chart as on 14th June 2022 (Anticipated):

JSW STEEL Daily chart as on 20th September 2022: (Happened)

Wave Analysis as we published on 14th June 2022:

On the daily chart, prices are moving in the falling channel. The stock is currently trading near the support levels. Here, 56 Day Time Cycle is working extremely well as it helps to capture the major lows. We can see that the cycle has formed and until the cycle low does not taken out, the trend can continue to remain sideways to bullish. As per wave perspective, internal of wave ii is moving in complex correction in which wave a of y might have completed on the downside but further price movement is required to confirm the same.

In a nutshell, as of now the trend is positive. Over the next few days if 520 remains protected stock can move towards 630 levels. Any breach below 520 will indicate a deeper downside correction can start as it will also breach the low of cycle.

Happened: As per the Dow Theory Stock is moving in form of Higher high and Higher Low formation on the daily chart. The stock has moved exactly as we anticipated and moved more than 24% from our mentioned levels. We can also see that 55 Days cycle has been working extremely well and recently low has formed. For now, the trend can continue to remain sideways to bullish until the cycle low is not taken out.

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