JINDAL STAINLESS Breaks the Channel – What’s Next?

7 thg 6

After completing a long WXY correction, Jindal Stainless has flipped into a strong uptrend. The price broke above the downtrend channel and also reclaimed the 200-day moving average — confirming strength.

The rally from 504 has unfolded as a nested 1-2, 1-2 impulse, and the wave 5 has now entered its 1 to 1.618 projection zone. We’re likely entering a blue Wave 4 pullback, especially as:

• RSI shows bearish divergence
  
• The rally looks stretched short-term
  

A healthy retracement toward the 661–640 zone can follow.
As long as 633.35 holds, this bullish structure remains intact.

Trend: Bullish
Retracement zone: 661.80 – 640.65
Invalidation: Below 633.35

This is a dynamic setup. Chart will be updated as price action unfolds

Disclaimer: This analysis is for educational purposes only and does not constitute investment advice. Please do your own research (DYOR) before making any trading decisions.

9 thg 6

Ghi chú

Considering wave 5(green) has completed, retracement of 0.236x to 0.382x can be expected.

12 thg 6

Ghi chú

Update (June 12):
Price has reached the 1.618 extension at 732.85, marking a possible Wave 3 top.
A Wave 4 pullback is anticipated, with retracement zones between 691–664.
Structure remains bullish as long as 633.35 holds.

18 thg 6

Ghi chú

Price has corrected to 0.382 fib level from the high. This could be wave 4. But wave 4 can also be complex, so unless price breaks previous high(730.25) convincingly, we might be hovering around wave 4 zone.